Nasdaq-listed Greek shipowner and operator Euroseas (ESEA), led by Aristides Pittas, has successfully secured a time charter contract for a newly built feeder container ship, currently under construction. The contract involves the 1,800 TEU MV Stephania K, which Euroseas (ESEA) will charter for approximately two years at a daily rate of $22,000. This charter deal is set to commence on June 28, 2024, immediately following the vessel’s delivery from the shipyard. Euroseas (ESEA) anticipates this agreement to generate roughly $11 million in EBITDA, significantly enhancing the company’s financial performance. Furthermore, this agreement elevates Euroseas’ (ESEA) 2024 charter coverage to about 90%. Aristides Pittas, Chairman and CEO of Euroseas (ESEA), expressed enthusiasm about the charter, noting, “We are pleased to announce that we have chartered our upcoming new building vessel, the sixth in a series of nine and the second of our three 1,800 TEU units, with one of the largest liner companies.” This statement underscores the strategic importance of this new addition to their fleet. Currently, Euroseas (ESEA) operates a diverse fleet of 22 vessels and has an additional four under construction, with the final vessel expected to be delivered in the fourth quarter of 2024. Euroseas (ESEA), along with its affiliates EuroDry (EDRY) and EuroBulk Ltd, remains under the adept management of shipping magnate Aristides Pittas, reflecting a strong leadership and strategic vision in the maritime industry. 11-June-2024


Noble Capital Markets has upgraded its outlook on Euroseas (ESEA), a Greek owner and operator of container ships, citing strong market dynamics, significant charter coverage, and robust cash flow projections as key factors behind its optimistic stance. The financial services firm has increased its price target on Euroseas’ stock to $45 from the previous $35, while reiterating an outperform rating. Despite a recent 3.5% decline in Euroseas’ shares to close at $34.20 on the Nasdaq, the company has demonstrated strong performance and growth potential within the container shipping sector, which has seen a significant demand surge amid the pandemic-induced backlog and robust US consumer demand. Starting the year at $5.60, Euroseas has managed to secure a remarkable $200,000-per-day charter for one of its panamax containerships, underscoring the firm market conditions. Analyst Poe Fratt highlighted the exceptional fixture of the 4,250 TEU containership MV Synergy Oakland at a rate of at least $195,000 per day for a period of 60 to 85 days beginning mid-October. This rate, according to Fratt, reflects the strength of the current market despite an increasing order book. With 71% of its available days for 2022 already booked, Euroseas is well-positioned to capitalize on the current market conditions and adjust its fleet to time charter equivalent (TCE) rates closer to market rates. Further emphasizing the company’s strategic growth, Euroseas is expanding its feeder fleet, with eight contracts covering all of 2022, including notable charters such as $29,500 per day for the 1,740 TEU containership MV Spetses. These charters are expected to generate significant operating cash flows, which will support the company’s investment in two new eco-design, fuel-efficient 2,800-TEU container ships set for delivery in the first half of 2023 from South Korea’s Hyundai Mipo Dockyard. Euroseas’ strategic moves, including its strong charter coverage, acquisition of new vessels, and favorable market conditions, are seen as positive indicators for the company’s future performance and financial stability. Noble Capital’s updated outlook reflects confidence in Euroseas’ ability to benefit from the ongoing recovery in container shipping market fundamentals, maintaining an attractive risk-reward profile for investors. 28-September-2021


Euroseas Ltd (ESEA), a prominent container ship company based in Athens and listed in New York, has reiterated its decision to avoid installing exhaust gas scrubbers in response to the upcoming Marpol Annex VI regulations, which mandate a reduction in bunker sulphur content to 0.5% by 2020. CEO Aristides Pittas has highlighted the company’s stance on relying on compliant fuel instead, citing concerns about the environmental and operational risks associated with scrubber technology. This decision aligns Euroseas with a more conservative approach amidst a shipping industry rush, where many have invested heavily in scrubbers as a solution to meet the International Maritime Organization (IMO) 2020 sulphur cap requirements. Pittas emphasized the particular risk scrubbers pose to smaller vessels, a category that includes Euroseas’ fleet of 10 feeder boxships and one intermediate containership. With ongoing uncertainties about the effectiveness and regulatory acceptance of scrubbers, especially in sensitive regions like the Arctic where heavy fuel use might face outright bans, Euroseas opts for a strategy that avoids potential future complications. This cautious approach reflects the Euroseas Ltd’s (ESEA) prioritization of long-term environmental considerations over short-term compliance solutions. 19-February-2020


Euroseas Ltd (ESEA), an Athens-based and New York-listed shipping company specializing in container ships, has reported a widened loss for the fourth quarter, with operating expenses nearly doubling compared to the previous year. The company, led by Aristides Pittas, experienced a loss of $0.93 million attributable to common shareholders, a decline from a $0.22 million deficit in the same period of 2018. The adjusted net loss for common shareholders increased to $1.6 million from an $0.8 million loss a year earlier, with the adjusted loss per share at $0.32. This figure did not meet the expectations of two analysts who had anticipated a loss of $0.20 per share, though it showed improvement from a $0.55 loss per share in the fourth quarter of 2018. Operating expenses surged to $12.9 million from $7.6 million, driven largely by a significant increase in vessel operating costs to $7.9 million from $4.5 million. Interest and other financing costs contributed to the rise in other expenses, which escalated to $1.2 million from $1 million. Despite these higher costs, Euroseas managed to increase its revenue to $13.3 million from $8 million, thanks in part to stable market rates. CEO Aristides Pittas commented on the market conditions, noting that containership time charter rates remained stable through the fourth quarter of 2019 and into early 2020, despite global economic uncertainties and trade tensions between the U.S. and China. However, he also highlighted the introduction of new uncertainties into the market in January 2020 due to the coronavirus epidemic and its potential impact on global and containerized trade growth. Over the quarter, Euroseas expanded its fleet from 11 to 19 boxships, contributing to a 16.3% increase in full-year revenue to $40 million. Nonetheless, the loss attributable to common shareholders for the full year expanded to $3.5 million from $2 million, with the adjusted net loss growing to $4.4 million from $3.5 million, resulting in a loss per share of $1.52 compared to $2.51 previously. 1-February-2020


Nasdaq-listed Greek shipowner and operator Euroseas (ESEA) reported a profit of $3.8 million in Q1 2021. Aristides Pittas-led Euroseas (ESEA) reported revenue of $14.3 million in Q1 2021. Euroseas (ESEA) reported a TCE (Time Charter Equivalent) of $12,134 per day per ship in Q1 2021. Euroseas (ESEA) reported operating of $10.3 million. In Q1 2021, the containership markets have continued the upward trend and surpassed their previous peak of 2008, Euroseas (ESEA) benefited from a robust market. Euroseas (ESEA) assume that the promising market fundamentals will continue over the remainder of 2021 and 2022. Currently, Nasdaq-listed Greek shipowner and operator Euroseas (ESEA) manages 14 ships. 23-May-2021


US-listed shipowner and operator Euroseas sold 1998 built handymax dry bulk carrier 46K DWT MV Monica P for $6.45 million for further trading. MV Monica P was the oldest ship in the fleet of Aristides Pittas-led shipowner and operator Euroseas. MV Monica P will be replaced by kamsarmax newbuilding MV Ekaterini in May 218. Euroseas has a mixed fleet of 11 container ships and 6 dry bulk carriers. 11-April-2018


Nasdaq-listed Greek shipowner and operator Euroseas bought delayed 82K kamsarmax dry bulk carrier from Chinese shipyard Jiangsu Yangzijiang Shipbuilding Co at 10% reduced price for $22.5 million. Euroseas led by Aristides Pittas found this investment very attractive and instead of terminating the contract Euroseas proceed with the new building of sistership kamsarmax 2016 built M/V Xenia. Nasdaq-listed Greek shipowner and operator Euroseas posted a $17.6 million loss in Q4 2016 and has been active in the sale & purchase (S&P) lately. 20-March-2017