Business
Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2024
ATHENS, Greece, Aug. 06, 2024 (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, Aug. 06, 2024 (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 six-month periods ended June 30, 2024. Second Quarter 2024 Financial Highlights: Total net revenues of $58.7 million. Net income of $40.7 million or $5.89 and $5.84 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $34.3 million or $4.95 and $4.92 per share basic and diluted. Adjusted EBITDA1 was $42.3 million.An average of 21.26 vessels were owned and operated during the second quarter of 2024 earning an average time charter equivalent rate of $31,639 per day.Declared a quarterly dividend of $0.60 per share for the second quarter of 2024 payable on or about September 17, 2024, to shareholders of record on September 9, 2024, as part of the Company’s common stock dividend plan. On July 19, 2024, the Company took delivery of its seventh newbuilding M/V “Pepi Star”, an eco 1,800 teu feeder containership from Hyundai Mipo Dockyard Co. in South Korea. The vessel is EEDI Phase 3 compliant and 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 loan provided by Piraeus Bank S.A. Following its delivery, M/V “Pepi Star” commenced a twenty-three to twenty-five month charter at a rate of $24,250 per day.As of August 6, 2024, we have repurchased 400,705 shares of our common stock in open market transactions for $8.2 million, since the initiation of our share repurchase plan of up to $20 million announced in May 2022. The original share repurchase program of $20 million approved by the Board during 2022 and extended for a year during 2023, has been extended for another year. First Half 2024 Financial Highlights: Total net revenues of $105.4 million. Net income of $60.8 million or $8.77 and $8.71 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $52.8 million or $7.63 and $7.57 per share basic and diluted, respectively. Adjusted EBITDA1 was $66.9 million.An average of 20.43 vessels were owned and operated during the first half of 2024 earning an ...