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Monday, August 19, 2019
Euroseas (ESEA)
Acquisition and Refinancing Are Positives
Euroseas (ESEA) operates a fleet of 15 container ships (14 feeders and one intermediate) in the container shipping markets following the closing of a four feeder container vessel acquisition in early August 2019. Euroseas’ operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. Euroseas employs the fleet on mainly on spot and time period charters.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Quarterly results stabilizing. RExcluding drydock expenses, adjusted 2Q2019 EBITDA was $1.7 million was below our estimate of $2.1 million, mainly due to slightly lower time equivalent (TCE) rates and higher opex.
- Fine-tuning 2019 EBITDA estimate. To incorporate lower 2Q2019 results and other events, like the preferred stock redemption and acquisition, our new adjusted EBITDA estimate of $9.3 mill…
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