The following is a summary of the Euroseas Ltd. (ESEA) Q3 2024 Earnings Call Transcript:
Financial Performance:
Euroseas Ltd. reported Q3 2024 total net revenues of $54.1 million and net income of $27.6 million, or $3.95 per diluted share.
The adjusted EBITDA for the period was reported at $36.1 million.
Business Progress:
Euroseas Ltd. announced the contract signing for the construction of two LNG-ready eco-design fuel efficient containerships, scheduled for delivery in Q4 2027.Motor Vessel Dear Panel and Motor Vessel Symeon P will join the fleet in January 2025, with minimum charters of 34 months at a rate of $32,000 per day.
The company emphasized significant charter coverage with about 70% of its fleet already fixed for 2025 and about 35% for 2026, ensuring profitability for the upcoming years.
Opportunities:
With the majority of the fleet older than 15 years and very limited new buildings, substantial fleet renewal opportunities arise, particularly in the feeder and intermediate size segments.
Risks:
The tightening supply in larger vessel sizes and reduced availability in the Feeder sectors could impact rate adjustments,
Potential geopolitical tensions and trade disruptions could influence market conditions unfavorably.
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