Business
Euroseas Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2023
ATHENS, Greece, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three and nine-month periods ended September 30, 2023. Third Quarter 2023 Financial Highlights: Total net revenues of $50.7 million. Net income of $32.2 million or $4.67 and $4.65 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $28.2 million or $4.08 and $4.07 per share basic and diluted. Adjusted EBITDA1 was $34.5 million.An average of 19.0 vessels were owned and operated during the third quarter of 2023 earning an average time charter equivalent rate of $30,074 per day.Declared a quarterly dividend of $0.50 per share for the third quarter of 2023 payable on or about December 16, 2023 to shareholders of record on December 9, 2023 as part of the Company’s common stock dividend plan.As previously announced, on July 6, 2023 we took delivery of M/V Terataki, an Eco EEDI Phase 3, 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co., in South Korea. The vessel is equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by National Bank of Greece S.A. Following its delivery, M/V Terataki commenced a thirty-six to forty months charter with Asyad Lines at a daily rate of $48,000 per day. On July 25, 2023 we announced new charters for our two 4,250 teu containerships, 2007-built Rena P and 2005-built Emmanuel P at $21,000 per vessel per day following a mutually agreed termination of their existing charters. The new charters commenced in August 2023, for a minimum period of twenty to a maximum period of twenty-four months, at the option of the charterer.As of November 9, 2023 we had repurchased 400,705 of our common stock in the open market for a total of about $8.2 million, under our share repurchase plan of up to $20 million announced in May 2022. Nine Months 2023 Financial Highlights: Total net revenues of $140.3 million. Net income of $89.8 million or $12.95 and $12.90 earnings per share basic and diluted, respectively. Adjusted net inco...