Euroseas reports Q3 EPS $3.92, consensus $3.55

Reports Q3 revenue $54.1M, consensus $53.3M.Aristides Pittas, Chairman and CEO of Euroseas (ESEA) commented: “During the third quarter of 2024, the containership markets remained around the levels reached during the first half of the year although chartering activity slowed down. However, in October and through mid-November 2024, the market has strengthened and charterers’ interest in concluding charters, many of them with forward fixings, increased. As already announced, we managed to charter at very profitable rates not only three of our newbuildings, two of which are to be delivered in January 2025, but also two of our elder, 23-year old feeders, for periods of about three years for the newbuilds and between fourteen and eighteen months for the 23-year olds. “The main challenge the containership sector has to overcome is the relatively high orderbook as a percentage of the fleet. However, this orderbook is concentrated in larger vessels sizes. On the contrary, the orderbook for the feeder and intermediate segments, within which we operate, is very modest against a fleet age profile that includes a high percentage of vessels older than twenty years, thus resulting in expectations of minimal fleet growth or, even, fleet declines. Within a market that continues to be strong and has a significant charter backlog, we expect our earnings to continue being strong and our cash reserves to continue increasing as indicated by our results for the third quarter of 2024.