Euroseas Ltd ( (ESEA) ) has released its Q4 earnings. Here is a breakdown of the information Euroseas Ltd presented to its investors.
Euroseas Ltd., a company specializing in the ownership and operation of container carrier vessels, is a key player in the seaborne transportation industry for containerized cargoes. Based in Athens, Greece, Euroseas operates a fleet of 24 vessels, including feeder and intermediate containerships, and is listed on the NASDAQ under the ticker ESEA.
In its latest earnings report for the year and quarter ending December 31, 2024, Euroseas Ltd. announced robust financial results. The company reported total net revenues of $212.9 million for the full year, marking a 12.4% increase from the previous year. For the fourth quarter, net revenues reached $53.3 million, an 8.7% rise compared to the same period in 2023. The company’s net income for the year was $112.8 million, slightly down from $114.5 million in 2023.
Key highlights from the report include the operation of an average of 21.73 vessels throughout 2024, with an average time charter equivalent rate of $28,054 per day. The company also declared a quarterly dividend of $0.65 per share and continued its share repurchase program, buying back approximately 6% of its outstanding shares. Strategic moves included the spin-off of three older vessels into a new entity, Euroholdings Ltd., and the acquisition of two new eco-friendly feeder containerships.
Looking ahead, Euroseas remains optimistic about its growth prospects despite potential challenges in the containership sector. The company’s management highlighted the strong charterbook and ongoing fleet modernization efforts as key factors supporting future earnings. With a focus on identifying accretive investment opportunities, Euroseas aims to continue delivering value to its shareholders.