Tag: Shipping

Release – FreightCar America, Inc. Acquires a Leading Distributor of Railcar Components

Posted on by slightbourne@noblecapitalmarkets.com

12/22/2025

CHICAGO, Dec. 22, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today announced that it has completed the acquisition of Carly Railcar Components, LLC (“CRC”), a family-owned, leading distributor of railcar components.

The acquisition strengthens FreightCar America’s aftermarket distribution business with a focus on running-repair components, a frequently replaced and highly recurring product category that complements the Company’s core offerings and product mix. Through the acquisition, the Company’s customers will benefit from reduced lead times and a larger catalog of ready-to-ship railcar components.

“Carly Railcar Components brings highly complementary capabilities that strengthen our position in the railcar aftermarket. CRC’s long-standing presence in component distribution and its established regional footprint, including a Houston-area facility in Orange, Texas, enhances our ability to serve customers with greater speed, reliability and product availability. This acquisition advances our strategic initiatives to build complementary capabilities that deliver enhanced value to our customers,” said Nicholas Randall, President and Chief Executive Officer of FreightCar America.

“We are excited to welcome Carly Railcar Components to the FreightCar America platform,” said Mike Riordan, Vice President, Chief Financial Officer & Treasurer of FreightCar America. “CRC has built a strong business with deep customer relationships. Combining their capabilities with our commercial and supply chain excellence will allow us to deliver exceptional value to our customers, while at the same time allowing us to realize meaningful operational improvements across the combined network. This acquisition is consistent with our disciplined capital allocation framework and is expected to be immediately accretive to FreightCar America as we scale our aftermarket business.”

About Carly Railcar Components

Founded in 1995, Carly Railcar Components distributes OEM railcar components and operates a core-exchange program for reconditioned parts. The company serves repair shops, railroads, private car owners and other industrial customers. CRC is one of the major component distributors in North America and has a strong reputation for profitable growth, quality and customer service. To learn more about Carly Railcar Components, visit www.carlyrailcar.com.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Euroseas (ESEA) – New Fleet Charters and NobleCon21 Highlights

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, December 11, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New time charters. Euroseas Ltd. announced new three-year forward time charter contracts for three of its modern, fuel-efficient 2,800 TEU containerships, the M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters are for a minimum period of 35 to a maximum period of 37 months at the charterer’s option, and will be performed at a gross daily rate of $30,000. The new charter periods are expected to generate approximately $75 million of EBITDA over the minimum contracted period and lift charter coverage for 2026, 2027, and 2028 to roughly 82.5%, 66.5%, and 42%, respectively.

Updating estimates. Reflecting the updated coverage, we are modestly reducing our 2026 estimates. We now forecast 2026 revenue, adjusted EBITDA, and EPS of $229.3 million, $161.4 million, and $17.39, respectively, compared with our prior estimates of $230.0 million, $162.1 million, and $17.49. Despite the slight downward revisions, Euroseas’ contracted rates, and 2026 outlook continue to show strong year-over-year growth.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Diana Shipping Moves to Acquire Remaining Genco Shares in Strategic Expansion Bid

Posted on by slightbourne@noblecapitalmarkets.com

Diana Shipping Inc. has taken a significant step toward expanding its position in the global dry bulk sector with a proposal to acquire the remaining outstanding shares of Genco Shipping & Trading Limited. The company, which currently holds roughly 14.8% of Genco’s shares, is offering $20.60 per share in cash for full ownership—an offer designed to deliver immediate value while reshaping the competitive landscape of dry bulk shipping.

The proposed price reflects a meaningful premium across several metrics. It sits 15% above Genco’s most recent closing price before the announcement and more than 20% above the price recorded when Diana’s initial ownership stake became public earlier this year. It also aligns with the top end of Genco’s 10-year trading range, positioning the offer as a timely opportunity for shareholders to realize cash returns without waiting for market-driven movements in the cyclical shipping sector.

For Diana Shipping, the acquisition would represent a strategic expansion of its fleet capacity and operational leverage. Genco operates one of the industry’s more modern, fuel-efficient dry bulk fleets, which includes a mix of Capesize, Ultramax, and Supramax vessels. Integrating these assets into Diana’s platform would give the combined entity greater scale, more flexibility in vessel deployment, and broader exposure to diverse bulk cargo markets—including iron ore, coal, grain, and minor bulks.

From a timing perspective, Diana believes the market environment supports fleet consolidation. Dry bulk shipping has historically been cyclical, with periods of volatility driven by commodity demand, freight rates, and global trade patterns. Adding Genco’s fleet at this point in the cycle could position the combined company to benefit from future rate improvements, expanded vessel utilization, and optimized operating costs.

Diana has expressed confidence in its ability to finance the acquisition through a new debt facility, supplemented by asset sales where appropriate. The company emphasizes that any post-transaction divestments would be selective, with the goal of maintaining a balanced, efficient fleet while strengthening the overall balance sheet.

Another key component of the proposal is workforce integration. Diana has publicly recognized the value of Genco’s employees and signaled plans to draw from both organizations when forming the management and operational structure of the combined company. This acknowledgment reflects industry-wide awareness that operational expertise—crew management, technical maintenance, and chartering efficiency—is just as vital as vessel count when creating long-term value in shipping.

While the proposal has been unanimously approved by Diana’s board, it remains non-binding and subject to negotiation. There is no guarantee that Genco’s board will move forward on the terms presented, nor that the two companies will reach a final agreement. Diana’s letter outlining the proposal has been filed with the Securities and Exchange Commission as part of its updated Schedule 13D disclosure.

If completed, the acquisition would mark one of the more notable consolidation moves in the dry bulk industry in recent years. For shareholders, it presents a potential path to immediate liquidity. For Diana, it represents a strategic effort to expand scale, enhance fleet efficiency, and strengthen positioning in a global trade environment that continues to evolve.

FreightCar America (RAIL) – Third Quarter Results Exceed Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter results. RAIL generated third-quarter adj. net income of $7.8 million, or $0.24 per share, compared to $7.3 million, or $0.08 per share, during the prior year period. We had forecast net income of $5.6 million, or $0.16 per share. Rail car deliveries were 1,304 units compared to 961 units during the prior year period. Third-quarter gross margin increased to 15.1% compared to 14.3% during the prior year period. Adjusted EBITDA increased 56.1% to $17.0 million, representing a margin of 10.6%, compared to $10.9 million and a margin of 9.6% in the third quarter of 2024. 

Updated corporate guidance. While management still expects 2025 rail car deliveries in the range of 4,500 to 4,900 and adjusted EBITDA in the range of $43 million to $49 million, revenue expectations were lowered to a range of $500 million to $530 million from $530 million to $595 million. Revised revenue expectations reflect changes in the product mix due to a greater number of conversion rail cars versus new rail cars in the second half.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Seanergy Maritime (SHIP) – Strategic Vessel Sale and Improving Capesize Fundamentals

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, October 02, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Sale of M/V Geniuship. Seanergy announced the sale of the M/V Geniuship, a 170,057 dwt Capesize vessel, for approximately $21.6 million, generating net cash proceeds of $12.0 million and a profit of about $2.5 million. The sale was timed to take advantage of improved vessel valuations while avoiding the costs of the vessel’s scheduled dry-docking. The transaction enhances liquidity, improves near-term earnings, and aligns with the company’s ongoing fleet renewal strategy.

Capesize market gains momentum. The Capesize market has strengthened in recent months, supported by iron ore and bauxite projects in the Atlantic basin and West Africa, while volatility due to tariffs has moderated. The orderbook remains limited, with shipyard slots not available until 2029. Rising vessel values, together with higher construction costs, have further restricted orders. Overall, we expect market conditions to remain favorable, with 2026 showing improvement over 2025.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Euroseas (ESEA) – Favorable Time Charter Contract for the M/V Jonathan P

Posted on by slightbourne@noblecapitalmarkets.com


Monday, September 15, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.

Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Euroseas (ESEA) – Second Quarter Financial Results Exceed Expectations; Increasing Estimates

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 15, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. Total net revenues for the second quartertotaled $57.2 million, a 2.5% decrease year-over-year, but slightly higher than our estimate of $56.7 million. Adjusted EBITDA and EPS were $39.3 million and $4.20, respectively, above our estimates of $38.5 million and $3.87. The better-than-expected results were due to higher time charter equivalent (TCE) rates of $29,420 per day compared to our estimate of $28,502 per day, along with modestly lower-than-expected operating expenses of $23.9 million compared to our estimate of $24.7 million.

Market outlook. TCE rates for feeder vessels increased 8% in the second quarter due to limited vessel availability and robust demand. While the global containership orderbook remains high, the feeder and intermediate segments have a much smaller pipeline of just 4 to 8%, offering some insulation from the potential negative impact of an oversupplied market. Ongoing Red Sea conflicts have further supported rates by prompting Suez Canal re-routings and increasing distance. Although U.S. trade policies cloud visibility, we expect TCE rates to remain strong through year-end 2025 and into 2026.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Seanergy Maritime (SHIP) – Second Quarter Rebound, Raising Estimates

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, August 07, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter results. Seanergy reported second quarter net revenue of $37.5 million, ahead of our estimate of $36.5 million, driven by modestly higher time charter equivalent (TCE) rates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $18.3 million and EPS of $0.18, both ahead of our prior estimates of $16.7 million and $0.11.

Market outlook. The Capesize market returned to profitability in the second quarter, with improving demand fundamentals due to projects in both the Atlantic basin and West Africa. We expect elevated iron ore and bauxite volumes to support demand through the remainder of 2025 and into 2026, resulting in increased ton-miles. Additionally, limited fleet growth is expected to support profitable rates.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FreightCar America (RAIL) – Second Quarter Financial Results Exceed Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. FreightCar America generated adjusted net income of $3.8 million or $0.11 per share, compared to our estimate of $2.0 million or $0.06 per share. Second quarter revenue of $118.6 million exceeded our estimate of $100.6 million. Rail car deliveries were 939 units compared to 1,159 units during the prior year period and our estimate of 850. The year-over-year decline was attributed to a strategic shift in the product mix toward higher-margin rail cars. As a percentage of revenue, second quarter gross margin increased to 15.0% compared to 12.5% during the prior year period and our 12.7% estimate. Adjusted EBITDA amounted to $10.0 million compared to our $8.8 million estimate and represented an EBITDA margin of 8.4%. RAIL generated adjusted free cash flow of $7.9 million and ended the quarter with $61.4 million in cash and cash equivalents.

Favorable outlook. During the second quarter, RAIL received 1,226 new rail car orders valued at $106.9 million. With a backlog of 3,624 units valued at $316.9 million, we expect deliveries to accelerate throughout the year. During the quarter, RAIL increased utilization across its four production lines, enhanced productivity, and benefited from a higher-margin product mix. The company is advancing its growth strategy by investing in its tank car capabilities, which it expects to strengthen its cost position and support long-term accretive growth.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FreightCar America (RAIL) – Updating Our Forward Estimates and Increasing our PT

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 24, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Increasing longer-term rail car delivery estimates. While we have maintained our rail car delivery estimates for 2025 through 2027, we have increased our delivery estimates for 2028 through 2030. We now forecast rail car deliveries of 5,500, 5,750, and 6,000, respectively, compared with our prior estimates of 5,000, 5,000, and 5,000. While we had previously assumed that RAIL would operate four production lines with an aggregate capacity of 5,000 rail cars through 2030, we now assume the company will operate five production lines with a total capacity of 6,250 rail cars beginning in 2028. Our prior assumption had been that the company could begin producing a new line of higher-margin tank cars using existing capacity at the expense of lower margin products. Because we think tank cars could add an incremental 500 or more orders beginning in 2028, the tank cars would be incremental to existing orders with five production lines.

Updating earnings estimates. We forecast 2025 EBITDA and EPS of $45.9 million and $0.47, respectively, while our 2026 estimates are $48.6 million and $0.53. While our 2025 and 2026 EBITDA estimates are unchanged, we have increased our forward estimates, which may be found in the financial model at the end of this report. While our earnings estimates have increased, gross margin as a percentage of sales remains unchanged at 13.0%, 13.3%, 13.5%, and 13.8% in 2027, 2028, 2029, and 2030, respectively, while selling, general, and administrative expense as a percentage of sales increased modestly. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Seanergy Maritime (SHIP) – Updating Estimates and Market Outlook

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 24, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second Quarter 2025 Estimate Revisions. We are raising our Q2 2025 net revenue forecast to $36.5 million from $35.9 million, driven by stronger-than-expected time charter equivalent (TCE) rates. However, we are lowering our adjusted EBITDA and EPS estimates to $16.7 million and $0.11, respectively, from $17.3 million and $0.17, reflecting higher operating expenses of $29.1 million versus $27.5 million previously. The increase reflects a full quarter of the expanded fleet as well as higher-than-expected dry-docking activity.

Full-Year 2025 Estimate Changes. We are increasing our 2025 revenue forecast to $143.4 million from $142.9 million, as we expect improving rate momentum to continue through year-end. We are also raising our operating expense estimate to $113.9 million from $109.4 million, reflecting a greater number of anticipated dry-docking days. As a result, we are lowering our adjusted EBITDA projection to $67.7 million from $70.5 million and our EPS estimate to $0.51 from $0.74.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Euroseas (ESEA) – Increasing 2025 Estimates

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 24, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updating second quarter estimates. We are raising our second quarter revenue and adjusted earnings per share estimates to $56.7 million and $3.87, respectively, from $54.0 million and $3.45. Additionally, we are increasing our adjusted EBITDA estimate to $38.5 million from $35.0 million. The upward revisions are driven by stronger-than-expected time charter equivalent (TCE) rates.

Full-year 2025 estimates. For the full-year 2025, we expect higher revenues and adjusted earnings per share estimates of $228.5 million and $15.47, respectively, up from $225.6 million and $15.05. We are raising our operating expense estimates to $83.0 million from $81.7 million, due to higher dry-docking expenses. Our full year adjusted EBITDA estimate has been increased to $153.1 million from $149.2 million. The increases in our estimates are largely due to higher TCE rates. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

EuroDry (EDRY) – Revising 2025 Estimates

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 24, 2025

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter estimates. We are lowering our Q2 2025 revenue and adjusted earnings per share estimates to $11.4 million and a loss of $1.23, respectively, from $14.1 million and a loss of $0.76. Additionally, we are reducing our operating expenses to $13.0 million from $14.4 million, as dry docking expenses have been pushed into the third quarter. Despite lower operating expenses, we are decreasing our adjusted EBITDA estimate to $1.6 million from $2.9 million. The decrease in our earnings estimates is mainly due to lower-than-expected time charter equivalent (TCE) rates.

Full-Year 2025 estimates. We are lowering our 2025 revenue and adjusted earnings per share estimates to $46.0 million and a loss of $4.41, respectively, from $50.3 million and a loss of $3.79. We are trimming our operating expenses to $51.4 million from $51.8 million, due to lower expected voyage expenses. Our adjusted EBITDA estimates were lowered to $5.6 million from $9.3 million. The lower estimates are driven by soft market rates.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.