ATHENS, Greece, Feb. 25, 2026 (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, reported the following results for the three-month period and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights:
- Total net revenues of $57.4 million. Net income of $40.5 million or $5.82 and $5.79 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $31.3 million or $4.50 and $4.48 per share basic and diluted.
- An average of 21.22 vessels were owned and operated during the fourth quarter of 2025 earning an average time charter equivalent rate of $30,268 per day.
- Declared a quarterly dividend of $0.75 per share for the fourth quarter of 2025 payable on or about March 17, 2026 to shareholders of record on March 10, 2026 as part of the Company’s common stock dividend plan.
- As of February 25, 2026, the Company has repurchased 480,455 of our common stock in the open market, representing about 6.8% of the outstanding shares, for a total of about $11.36 million, under the share repurchase plan of up to $20 million announced in May 2022.
Full Year 2025 Highlights:
- Total net revenues of $227.9 million. Net income of $137.0 million or $19.73 and $19.72 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $116.3 million or $16.75 and $16.74 per share basic and diluted, respectively.
- Adjusted EBITDA1 was $155.9 million.
- An average of 22.22 vessels were owned and operated during 2025, earning an average time charter equivalent rate of $29,107 per day.
Aristides Pittas, Chairman and CEO of Euroseas commented:
“We are pleased to report a very profitable fourth quarter with our earnings per share for the quarter being one of the highest ever. During the fourth quarter of 2025 and in January and February 2026 to date, containership charter rates maintain their high levels for one more time. Container freight rates were a bit more volatile reflecting mostly seasonal trends. The strength of the charter market is evidenced by our most recent fixture for our M/V EM Spetses, a 19-year old, 1700 teu containership, that we announced recently.
“Our entire fleet is chartered at very profitable rates with our charter coverage for 2026 being about 87%, our coverage in 2027 exceeding 71% with many of our contracts extending well into 2028 and beyond. Our contracted revenues are over $550 million over the next five years and, even if we assume very conservative rates for our charter renewals, we expect to continue reporting strong profitability.
“Against this positive and quite protected situation for Euroseas, the overall containership market has to deal with a couple of challenges, mainly, the absorption of the high orderbook in the large containership segments and the eventual resumption of traffic through the Suez Canal which would reduce the demand for tonnage given the shorter distances required to travel. However, we would like to note that there is a stark difference between large containerships and the segments we operate, feeders and intermediate size vessels, as the latter not only face much lower orderbook levels but also have a large percentage of vessels over 20 years of age. Thus, we believe that it is very likely for the supply of feeders and intermediate containerships to contract, benefiting owners of modern vessels like us. Needless to say, the geo-political, economic and trade-related factors, like the renewed focus on US tariffs imposed, influence the volume of containerized trade and, consequently, demand for vessels, adding to the overall uncertainty in the markets.
“Nevertheless, given our strong balance sheet, we believe we are well positioned to take advantage of any developments in the markets, and we continuously evaluate and pursue accretive investment opportunities in both the secondhand and newbuilding sectors. At the same time, our balance sheet and contracted revenues backlog provide us with sufficient comfort to increase the rewards to our shareholders by increasing our dividend by 7% to $0.75 per share providing an annualized yield of about 5%.
Tasos Aslidis, Chief Financial Officer of Euroseas, commented: “Our net revenues for the fourth quarter of 2025 are increased by approximately 7.7% compared to the same period of 2024. This was the result of the increased average time charter rates our vessels earned in the fourth quarter of 2025, compared to the corresponding period of 2024. The Company operated an average of 21.22 vessels for the fourth quarter of 2025, versus 23.0 vessels during the same period last year. Net revenues amounted to $57.4 million for the fourth quarter of 2025 compared to $53.3 million for the fourth quarter of 2024.
“Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately 7.2%, during the fourth quarter of 2025 compared to the same quarter of last year. This increase is mainly attributable to the increased cost of our stock incentive plan and increased U.S. dollar to euro exchange rate during the period.
“Adjusted EBITDA1 during the fourth quarter of 2025 was $40.7 million compared to $32.8 million achieved in the fourth quarter of last year, reaching $155.9 million versus $135.8 million in the respective twelve-month periods of 2025 and 2024.
“As of December 31, 2025, our outstanding bank debt (excluding the unamortized loan fees) was $218.6 million, versus restricted and unrestricted cash of approximately $183.3 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $19.5 million (excluding the unamortized loan fees).”
Fourth Quarter 2025 Results:
For the fourth quarter of 2025, the Company reported total net revenues of $57.4 million representing a 7.7% increase over total net revenues of $53.3 million during the fourth quarter of 2024, which was mainly the result of the higher time charter rates earned in the fourth quarter of 2025 compared to the corresponding period of 2024, partly offset by the decreased average number of vessels operating in the fourth quarter of 2025. The Company reported a net income for the period of $40.5 million, as compared to a net income of $24.4 million for the fourth quarter of 2024. On average, 21.22 vessels were owned and operated during the fourth quarter of 2025 earning an average time charter equivalent rate of $30,268 per day compared to 23.0 vessels in the same period of 2024 earning on average $26,479 per day.
For the fourth quarter of 2025, voyage expenses amounted to $0.1 million as compared to voyage expenses of $0.4 million for the same period of 2024. Voyage expenses for both periods related to owners’ expenses incurred in various ports.
Vessel operating expenses for the same period of 2025 amounted to $11.7 million as compared to $12.4 million for the same period of 2024. The decreased amount is mainly due to the lower number of vessels owned and operated in the last three months of 2025 compared to the same period of 2024.
Drydocking expenses amounted to $0.4 million during the fourth quarter of 2025 and relate to spare part supplies performed for upcoming drydocks. For the same period of 2024 drydocking expenses amounted to $2.5 million comprising the cost of one vessel passing its special survey with drydock and another one passing its intermediate survey in water.
Vessel depreciation for the fourth quarter of 2025 decreased to $6.8 million from $7.4 million in the fourth quarter of 2024, as a result of the decreased number of vessels in the Company’s fleet.
Related party management fees for the three months ended December 31, 2025 were $2.1 million compared to $1.8 million for the same period of 2024, as a result of the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros and the unfavorable movement of the euro/dollar exchange rate, partly offset by the lower average number of vessels owned and operated in the fourth quarter of 2025 compared to the same period of 2024.
The results of the Company for the fourth quarter of 2025 include a $9.2 million gain on sale of M/V “Marcos V” that was completed in October 2025.
General and administrative expenses increased to $2.4 million in the fourth quarter of 2025, as compared to $2.2 million in the fourth quarter of 2024, due mainly to the increased cost for our stock incentive plan.
Interest and other financing costs for the fourth quarter of 2025 amounted to $3.4 million, compared to $4.1 million, of which $0.6 million interest costs were capitalized in relation to our newbuilding program for the same period of 2024. This slight decrease is mainly due to the decreased benchmark interest rates of our bank loans in the current period, partly offset by the increased amount of debt in the current period compared to the same period of 2024.
For the three months ended December 31, 2025, the Company recognized a $0.02 million loss on its interest rate swap contract, comprising a $0.01 million unrealized loss from the mark-to-market valuation of our outstanding interest rate swap and a $0.01 million realized loss. For the three months ended December 31, 2024, the Company recognized a $0.5 million gain on its interest rate swap contract, comprising a $0.4 million unrealized gain from the mark-to-market valuation of our outstanding interest rate swap and a $0.1 million realized gain.
Adjusted EBITDA1 for the fourth quarter of 2025 increased to $40.7 million compared to $32.8 million for the corresponding period in 2024.
Basic and diluted earnings per share for the fourth quarter of 2025 were $5.82 and $5.79 calculated on 6,957,348 and 6,991,738 basic and diluted weighted average number of shares outstanding, respectively, compared to basic and diluted earnings per share of $3.51 and $3.49, respectively, for the fourth quarter of 2024, calculated on 6,952,001 basic and 6,989,333 diluted weighted average number of shares outstanding.
The adjusted earnings for the quarter ended December 31, 2025, would have been $4.50 and $4.48 per share basic and diluted, respectively, compared to adjusted earnings of $3.35 and $3.33 per share basic and diluted, respectively, for the quarter ended December 31, 2024. Usually, security analysts include Adjusted Net Income in their determination of published estimates of earnings per share.
Full Year 2025 Results:
For the full year of 2025, the Company reported total net revenues of $227.9 million, representing a 7.0% increase, over total net revenues of $212.9 million during the twelve months of 2024, mainly as a result of the increased number of vessels owned and operated in the twelve months of 2025 compared to the corresponding period of 2024, and the higher average time charter equivalent rates earned in 2025. The Company reported a net income for the year of $137.0 million, as compared to a net income of $112.8 million for the twelve months of 2024. On average, 22.22 vessels were owned and operated during the twelve months of 2025 earning an average time charter equivalent rate of $29,107 per day compared to 21.73 vessels in the same period of 2024 earning on average $28,054 per day.
For the twelve months of 2025, voyage expenses amounted to $1.1 million, as compared to voyage expenses of $2.0 million in the same period of 2024. Voyage expenses for the twelve months of 2025 mainly related to owners expenses at certain ports, while for the corresponding period in 2024 related to expenses for vessels repositioning between charters and owners expenses at certain ports.
Vessel operating expenses for the twelve months of 2025 amounted to $46.8 million as compared to $46.7 million for the same period of 2024. This increase in vessel operating expenses is due to the higher average number of vessels operated by the Company in the twelve months of 2025 as compared to the same period of 2024, partly offset by the lower daily vessel operating expenses, mainly attributable to the significantly lower daily operating costs of the seven new building vessels delivered to the Company gradually within the past two years.
Drydocking expenses for the twelve months of 2025 amounted to $6.6 million (three of our vessels completed extensive repairs afloat and one of our vessels completed her special survey with drydock), compared to $10.5 million (five vessels passed their special survey with drydock, three vessels passed their intermediate survey in water) in the corresponding period of 2024.
Vessel depreciation for the twelve months of 2025 was $28.6 million compared to $26.4 million during the same period of 2024, due to the increased average number of vessels in the Company’s fleet.
Related party management fees for the twelve months of 2025 were $8.0 million compared to $7.1 million for the same period of 2024 as a result of the higher number of vessels in our fleet, the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros and the unfavorable movement of the euro/dollar exchange rate.
The results of the Company for the twelve months of 2025 include a $10.2 million gain on sale of M/V “Diamantis” that was completed in January 2025 and a $9.2 million gain on sale of M/V “Marcos V” that was completed in October 2025. The results of the Company for the twelve months of 2024 include a $5.7 million gain on sale of M/V “EM Astoria” that was completed in June 2024.
General and administrative expenses amounted to $6.8 million during the twelve months of 2025 as compared to $5.9 million in the last year. This increase is mainly attributable to the increased cost of our stock incentive plan and increased professional fees during 2025.
During the twelve months of 2025, we had other operating income of $0.12 million, relating to loss of hire insurance received for one of our vessels. No such case existed in 2024.
Total interest and other financing costs for the twelve months of 2025 amount to $15.1 million, of which $0.1 million interest costs were capitalized in relation to our newbuilding program, compared to $14.8 million, of which $4.2 million interest costs were capitalized in relation to our newbuilding program for the same period of 2024. This increase is mainly due to the increased amount of debt in the current period compared to the same period of 2024.
For the twelve months ended December 31, 2025, the Company recognized a $0.2 million loss on its interest rate swap contract, comprising a $0.4 million unrealized loss from the mark-to-market valuation of its outstanding interest rate swap and a $0.2 million realized gain. For the twelve months ended December 31, 2024, the Company recognized a $1.0 million gain on its interest rate swap contract, comprising a $0.6 million unrealized gain from the mark-to-market valuation of its outstanding interest rate swap and a $0.4 million realized gain.
Adjusted EBITDA1 for the twelve months of 2025 increased to $155.9 million compared to $135.8 million during the twelve months of 2024, primarily as a result of higher revenues.
Basic and diluted earnings per share for the twelve months of 2025 were $19.73 and $19.72, calculated on 6,943,682 and 6,947,139 basic and diluted weighted average number of shares outstanding, respectively, compared to basic and diluted earnings per share of $16.25 and $16.20 for the twelve months of 2024, respectively, calculated on 6,938,204 basic and 6,961,266 diluted weighted average number of shares outstanding.
The adjusted earnings per share for the year ended December 31, 2025, would have been $16.75 and $16.74 basic and diluted, respectively, compared to adjusted earnings of $14.92 and $14.87 per share basic and diluted, respectively, for the year ended December 31, 2024. As mentioned above, security analysts include Adjusted Net Income in their determination of published estimates of earnings per share.
Fleet Profile:
The Euroseas Ltd. fleet profile as of February 25, 2026 is as follows:
| Name | Type | Dwt | TEU | Year Built |
Employment(*) | TCE Rate ($/day) |
| Container Carriers | ||||||
| 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 TC until Mar-29 |
$42,000 $33,500 |
| SYNERGY KEELUNG (*) | Intermediate | 50,697 | 4,253 | 2009 | TC until Jun-28 | $35,500 |
| EMMANUEL P(*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Sep-28 | $38,000 |
| RENA P(*) | Intermediate | 50,765 | 4,250 | 2007 | TC until Jul-28 | $35,500 |
| EM KEA (*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | $19,000 |
| GREGOS (*) | Feeder | 38,733 | 2,800 | 2023 | TC until Apr-26 TC until Mar-29 |
$48,000 $30,000 |
| TERATAKI(*) | Feeder | 38,733 | 2,800 | 2023 | TC until Jul-26 TC until Jun-29 |
$48,000 $30,000 |
| TENDER SOUL (*) | Feeder | 38,733 | 2,800 | 2024 | TC until Oct-27 | $32,000 |
| LEONIDAS Z (*) | Feeder | 38,733 | 2,800 | 2024 | TC until Mar-26 TC until Feb-29 |
$20,000 $30,000 |
| 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 | 2024 | 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 Apr-26 TC until Feb-28 |
$18,100 $21,500 |
| JONATHAN P (*) | Feeder | 23,732 | 1,740 | 2006 | TC until Oct-26 | $25,000 |
| EM HYDRA (*) | Feeder | 23,351 | 1,740 |