ATHENS, Greece, Aug. 13, 2025 (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, 2025.
Second Quarter 2025 Financial Highlights:
- Total net revenues of $57.2 million. Net income of $29.9 million or $4.32 and $4.29 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $29.2 million or $4.23 and $4.20 per share basic and diluted.
- Adjusted EBITDA1 was $39.3 million.
- An average of 22.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of $29,420 per day.
- Declared a quarterly dividend of $0.70 per share for the second quarter of 2025 payable on or about September 16, 2025, to shareholders of record on September 9, 2025, as part of the Company’s common stock dividend plan.
- As of August 13, 2025, we had repurchased 463,074 of our common stock in the open market for a total of about $10.5 million, since the initiation of our share repurchase plan of up to $20 million announced in May 2022.
- The Company published its 2024 Sustainability/ESG Report which is available at its website: (http://www.euroseas.gr/company/sustainability.html)
First Half 2025 Financial Highlights:
- Total net revenues of $113.6 million. Net income of $66.8 million or $9.63 and $9.60 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $55.4 million or $7.99 and $7.97 per share basic and diluted, respectively.
- Adjusted EBITDA1 was $76.4 million.
- An average of 22.83 vessels were owned and operated during the first half of 2025 earning an average time charter equivalent rate of $28,468 per day.
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1 Adjusted EBITDA, Adjusted net income and Adjusted earnings per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroseas financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “During the second quarter of 2025, the containership market continued its upward climb exceeding peak levels reached during 2024 in most cases. Although the number of charter transactions reported cooled off during July and early August, this was mostly due to lack of vessels rather than lack of interest. The strength of the market, especially for the feeder sector, was evidenced by long charter commitments by top quality charterers. Our vessels, all being fixed at highly profitable rates, have enabled us to produce one of our best quarterly results of the last five years in terms of adjusted earnings per share. Having charter coverage of almost 90% at similar rates over the next twelve months and assuming conservative rates for any re-charter renewals, we should be able to continue enjoying profitability at similar levels.
“As we have discussed in the past, the challenges the overall containership market faces are mainly centered around supply growth as the overall orderbook stands at almost 30% of the fleet. When the bulk of this orderbook is delivered in late 2026 and 2027 there could be rate pressures, in particular, if at the same time certain geopolitical issues -like the situation in the Red Sea- are resolved and, consequently, fewer ships are required to carry the containerized trade. On the flipside, the supply situation for feeder and intermediate segments, where we operate, is opposite to that of the overall fleet, i.e. fleet size will likely shrink, as these segments have still a low orderbook and a rather aged fleet profile, providing an advantage to owners like us. Trade wars and the uncertainty surrounding the new tariff regimes plus the still unfolding effect of the environmental regulations make the overall operating framework volatile in economic terms but, at the same time, potentially, very rewarding.
“We are committed to sail through the above environment by focusing on modernizing and upgrading our fleet as has been evidenced by our continuing newbuilding and retrofit programs while at the same time we look for accretive opportunities to invest in and, of course, continue to reward our shareholders. In that context, our Board has decided to increase our quarterly dividend by $0.05 to $0.70 per share maintaining an annualized yield in excess of 5.5% against our recent share price levels. We are also continuing to use our share buyback program, as our shares still trade at a substantial discount to our net asset value, despite the visibility of our revenues and earnings. As always, we remain committed to identifying attractive investment opportunities that enhance shareholder value and drive sustainable returns.”
Tasos Aslidis, Chief Financial Officer of Euroseas, commented: “Our revenues for the second quarter of 2025 are slightly lower compared to the same period of 2024. This was the result of the decreased time charter equivalent rate our vessels earned during the second quarter of 2025 compared to the same period of last year. On a per-vessel-per-day basis, our vessels earned a 7.0% lower average charter rate in the second quarter of 2025 as compared to the same period of 2024. Our net revenues decreased to $57.3 million in the second quarter of 2025 compared to $58.7 million during the same period of last year.
“Daily vessel operating expenses, including management fees but excluding drydocking costs, averaged $6,700 per vessel per day during the second quarter of 2025 as compared to $6,612 per vessel per day for the same quarter of last year. This was mainly the result of the falling value of the usd and the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros.
General and administrative expenses averaged $694 per vessel per day during the second quarter of 2025 as compared to $581 per vessel per day for the same quarter of last year, and $766 per vessel per day for the first half of 2025 as compared to $637 per vessel per day for the same period of 2024. The increase is due to increased professional fees and increased cost for our stock incentive plan within 2025 as compared to 2024.
“Adjusted EBITDA during the second quarter of 2025 was $39.3 million versus $42.3 million in the second quarter of last year. As of June 30, 2025, our outstanding debt (before deducting the unamortized loan fees) was $229.4 million versus restricted and unrestricted cash of $112.7 million. As of the same date, our scheduled bank debt repayments over the next 12 months amounted to about $21.2 million (before deducting the unamortized loan fees).”
Second Quarter 2025 Results:
For the second quarter of 2025, the Company reported total net revenues of $57.2 million representing a 2.5% decrease over total net revenues of $58.7 million during the second quarter of 2024. This was the result of the lower time charter rates our vessels earned in the second quarter of 2025 compared to the same period of 2024, partly offset by the increase in the average number of vessels owned and operated in the second quarter of 2025 compared to the same period of 2024. On average, 22.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of $29,420 per day compared to 21.26 vessels in the same period of 2024 earning on average $31,639 per day. The Company reported net income for the period of $29.9 million, as compared to net income of $40.7 million for the same period of 2024.
Voyage expenses, net for the second quarter of 2025 amounted to $0.3 million and relate to owners’ expenses incurred in various ports. For the same period of 2024, a gain on bunkers from the sale of M/V “EM Astoria”, resulted in positive voyage expenses of $0.3 million.
Vessel operating expenses were $11.5 million in the second quarter of 2025 as compared to $11.1 million for the second quarter of 2024. The increase is due to the higher average number of vessels owned and operated in the second quarter of 2025 compared to the corresponding period of 2024.
Depreciation expense for the second quarter of 2025 amounted to $7.3 million compared to $6.8 million for the same period of 2024 due to the increased number of vessels in the Company’s fleet.
Related party management fees for the second quarter of 2025 were also increased to $1.9 million from $1.7 million for the same period of 2024 due to the higher number of vessels in our fleet and the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros as well as due to the unfavorable movement of the euro/dollar exchange rate.
General and administrative expenses slightly increased to $1.4 million for the second quarter of 2025, compared to $1.1 million for the second quarter of 2024, due to increased professional fees and increased cost for our stock incentive plan.
In the second quarter of 2025 one of our vessels completed extensive repairs afloat. The total drydock cost for the quarter was $1.7 million and also includes costs in relation to the upcoming drydockings. In the second quarter of 2024 two of our vessels completed their special survey with drydock. The first one entered the drydock yard within the previous quarter and completed the survey in the second quarter while the second one was performed during the quarter. The total cost of these surveys was $1.6 million. The results of the Company for the second quarter of 2024 include a $5.7 million gain on sale of M/V “EM Astoria” that was completed in June 2024.
Total interest and other financing costs for the second quarter of 2025 amount to $4.0 million, compared to $2.1 million for the second quarter of 2024. Capitalized interest charged on the cost of our newbuilding program was $1.4 million for the second quarter of 2024 versus nil in the second quarter of 2025. This increase is due to the increased amount of debt in the current period compared to the same period of 2024.
For the three months ended June 30, 2025, the Company recognized a $0.05 million realized gain and a $0.11 million unrealized loss for a total of $0.06 million net loss on derivative. For the three months ended June 30, 2024, the Company recognized a $0.10 million realized gain and a $0.02 million unrealized gain for a total of $0.12 million net gain on derivative.
Adjusted EBITDA1 for the second quarter of 2025 was $39.3 million compared to $42.3 million achieved during the second quarter of 2024.
Basic and diluted earnings per share for the second quarter of 2025 was $4.32 and $4.29, calculated on 6,917,212 basic and 6,954,709 diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $5.89 and $5.84, respectively, for the second quarter of 2024, calculated on 6,923,331 basic and 6,978,682 diluted weighted average number of shares outstanding.
The adjusted earnings per share for the quarter ended June 30, 2025 would have been $4.23 per share basic and $4.20 diluted, respectively, compared to adjusted earnings of $4.95 and $4.92 per share basic and diluted for the quarter ended June 30, 2024. Usually, security analysts include Adjusted Net Income in their determination of published estimates of earnings per share.
First Half 2025 Results:
For the first half of 2025, the Company reported total net revenues of $113.6 million representing a 7.7% increase over total net revenues of $105.4 million during the first half of 2024. On average, the Company owned and operated 22.83 vessels during the first half of 2025, earning an average time charter equivalent rate of $28,468 per day. For the same period of 2024 the Company owned and operated 20.43 vessels that earned on average $29,836 per day. The Company reported net income for the period of $66.8 million, as compared to net income of $60.8 million, for the first half of 2024.
Voyage expenses, net for the first half of 2025 amounted to $0.5 million as compared to voyage expenses, net of $0.8 million for the same period of 2024. The increased amount of 2024 is mainly attributable to bunkers consumption by four of our vessels (M/V “Synergy Antwerp”, M/V “Synergy Oakland”, M/V “Synergy Keelung” and M/V “Marcos V”) during their drydock period partly offset by a gain on bunkers from the sale of M/V “EM Astoria”.
Vessel operating expenses for the first half of 2025 amounted to $23.7 million as compared to $22.5 million for the same period of 2024. The increase is due to the higher average number of vessels owned and operated in the first half of 2025 compared to the corresponding period of 2024 partly offset by the lower daily vessel operating expenses, mainly attributable to the significantly lower daily operating costs of the new building vessels delivered to the Company gradually within the last two years
Depreciation expense for the first half of 2025 was $15.3 million compared to $12.3 million during the same period of 2024, due to the increased number of vessels in the Company’s fleet.
Related party management fees for the first half of 2025 increased to $3.9 million from $3.3 million for the same period of 2024 as a result of the higher number of vessels in our fleet and the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros.
General and administrative expenses increased to $3.2 million for the first half of 2025, as compared to $2.4 million for the same period of 2024, due to increased professional fees and increased cost for our stock incentive plan.
In the first half of 2025 three of our vessels completed extensive repairs afloat for a total cost of approximately $3.5 million. In the same period of 2024 four of our vessels completed their special survey with drydock for a total cost of approximately $7.2 million.
The results of the Company for the first half of 2025 include a $10.2 million gain on sale of M/V “Diamantis” that was completed in January 2025. The results of the Company for the first half of 2024 include a $5.7 million gain on sale of M/V “EM Astoria” that was completed in June 2024.
Total interest and other financing costs for the first half of 2025 amounted to $7.9 million. Capitalized interest charged on the cost of our newbuilding program was $0.1 million for the first six months of 2025. For the same period of 2024 interest and other financing costs were $3.9 million. Capitalized interest charged on the cost of our newbuilding program was $2.7 million for the same period of 2024. This increase is due to the increased amount of debt of our bank loans in the current period compared to the same period of 2024.
For the six months ended June 30, 2025 the Company recognized a $0.1 million realized gain and a $0.3 million unrealized loss for a total of $0.2 million net loss on derivative. For the six months ended June 30, 2024 the Company recognized a $0.2 million realized gain and a $0.8 million unrealized gain for a total of $1.0 million net gain on derivative.
Adjusted EBITDA1 for the first half of 2025 was $76.4 million compared to $66.9 million achieved during the first half of 2024.
Basic and diluted earnings per share for the first half of 2025 was $9.63 calculated on 6,935,298 basic and $9.60, calculated on 6,958,398 diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $8.77 calculated on 6,923,331 basic and $8.71, calculated on 6,973,973 diluted weighted average number of shares outstanding, for the same period of 2024.
The adjusted earnings per share for the six-month period ended June 30, 2025 would have been $7.99 and $7.97, basic and diluted, respectively, compared to adjusted earnings per share of $7.63 basic and $7.57 diluted for the same period in 2024. As mentioned above, usually, security analysts include Adjusted Net Income in their determination of published estimates of earnings per share.
Fleet Profile:
The Euroseas Ltd. fleet profile as of August 13, 2025 is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) |
|
| Container Carriers | |||||||
| MARCOS V(+)(**) | Intermediate | 72,968 | 6,350 | 2005 | TC until Oct-25 | $15,000 | |
| SYNERGY BUSAN(*) | Intermediate | 50,727 | 4,253 | 2009 | TC until Dec-27 | $35,500 | |
| SYNERGY ANTWERP(*) | Intermediate | 50,727 | 4,253 | 2008 | TC until May-28 | $35,500 | |
| SYNERGY OAKLAND(*) | Intermediate | 50,788 | 4,253 | 2009 | TC until May-26 | $42,000 | |
| SYNERGY KEELUNG(*) | Intermediate | 50,697 | 4,253 | 2009 | TC until June-28 | $35,500 | |
| EMMANUEL P | Intermediate | 50,796 | 4,250 | 2005 | TC until Aug-25(+) then until Sep 28(*) | $21,000 $38,000 |
|
| RENA P | Intermediate | 50,765 | 4,250 | 2007 | TC until Aug-25(+) then until Jul 28(*) | $21,000 $35,500 |
|
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | $19,000 | |
| GREGOS(*) | Feeder | 38,733 | 2,800 | 2024 | TC until Apr-26 | $48,000 | |
| TERATAKI(*) | Feeder | 38,733 | 2,800 | 2024 | TC until Jul-26 | $48,000 | |
| TENDER SOUL(*) | Feeder | 38,733 | 2,800 | 2025 | TC until Oct-27 | $32,000 | |
| LEONIDAS Z(*) | Feeder | 38,733 | 2,800 | 2025 | TC until Mar-26 | $20,000 | |
| DEAR PANEL(*) | Feeder | 38,733 | 2,800 | 2025 | TC until Nov-27 | $32,000 | |
| SYMEON P(*) | Feeder | 38,733 | 2,800 | 2025 | TC until Nov-27 | $32,000 | |
| PEPI STAR(*) | Feeder | 22,563 | 1,800 | 2025 | TC until Jun-26 | $24,250 | |
| EVRIDIKI G(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Apr-26 | $29,500 | |
| EM CORFU(*) | Feeder | 34,649 | 2,556 | 2001 | TC until Aug-26 | $28,000 | |
| MONICA(*) | Feeder | 22,563 | 1,800 | 2024 | TC until May-27 | $23,500 | |
| STEPHANIA K(*) | Feeder | 22,563 | 1,800 | 2024 | TC until May-26 | $22,000 | |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | $18,100 | |
| JONATHAN P(*) | Feeder | 23,732 | 1,740 | 2006 | TC until Sep-25 | $20,000 | |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-27 | $19,000 | |
| Total Container Carriers on the Water | 22 | 859,330 | 67,494 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered |
| ELENA (H1711) | Intermediate | 55,200 | 4,300 | Q4 2027 |
| NIKITAS G (H1712) | Intermediate | 55,200 | 4,300 | Q4 2027 |
| Total under construction | 2 | 110,400 | 8,600 |
Note:
(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; …