Euroseas Ltd. (ESEA) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 18 2025
0mins
Should l Buy ESEA?
Source: SeekingAlpha
Total Net Revenues (Q3 2025) $56.9 million, a 5.1% increase year-over-year. The increase was due to a 10.7% higher average charter rate per vessel per day.
Net Income (Q3 2025) $29.7 million, up from $27.6 million in Q3 2024. The increase was driven by higher revenues.
Adjusted EBITDA (Q3 2025) $38.8 million, compared to $36.1 million in Q3 2024. The increase was primarily due to higher revenue.
Basic and Diluted Earnings Per Share (Q3 2025) $4.27 and $4.25 respectively, compared to $3.97 and $3.95 in Q3 2024. The increase reflects higher net income.
Total Net Revenues (9 months ended September 30, 2025) $170.5 million, a 6.8% increase year-over-year. This was due to a higher number of vessels operated and higher average earnings.
Net Income (9 months ended September 30, 2025) $96.5 million, up from $88.4 million in the same period of 2024. The increase was driven by higher revenues.
Adjusted EBITDA (9 months ended September 30, 2025) $115.2 million, compared to $102.9 million in the same period of 2024. The increase was due to higher revenue.
Basic and Diluted Earnings Per Share (9 months ended September 30, 2025) $13.90 and $13.84 respectively, compared to $12.75 and $12.66 in the same period of 2024. The increase reflects higher net income.
Average Time Charter Equivalent Rate (Q3 2025) $29,284 per day, up from $26,446 per day in Q3 2024. The increase was due to higher charter rates.
Operating Expenses Per Vessel Per Day (Q3 2025) $7,246, slightly down from $7,249 in Q3 2024. The decrease was marginal.
Cash Flow Breakeven Level (Q3 2025) $13,073 per vessel per day, compared to $13,629 in Q3 2024. The decrease was due to lower interest expenses and loan repayments.
Dividend Distribution (Q3 2025) $2,410 per vessel per day, compared to $2,013 in Q3 2024. The increase reflects higher profitability.
Average Time Charter Equivalent Rate (9 months ended September 30, 2025) $28,735 per day, slightly up from $28,624 per day in the same period of 2024. The increase was marginal.
Operating Expenses Per Vessel Per Day (9 months ended September 30, 2025) $7,386, slightly down from $7,452 in the same period of 2024. The decrease was marginal.
Cash Flow Breakeven Level (9 months ended September 30, 2025) $13,133 per vessel per day, compared to $14,743 in the same period of 2024. The decrease was due to lower interest expenses and loan repayments.
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Analyst Views on ESEA
Wall Street analysts forecast ESEA stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 55.560
Low
65.00
Averages
70.00
High
75.00
Current: 55.560
Low
65.00
Averages
70.00
High
75.00
About ESEA
Euroseas Ltd. is engaged in the shipping business. The Company is an owner and operator of drybulk and container carrier vessels and is a provider of seaborne transportation for drybulk and containerized cargoes. Eurobulk Ltd. manages the Company's operations. The Company also owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers. The Company has a fleet of 12 vessels, including Kamsarmax drybulk carrier, Panamax drybulk carriers and Handymax drybulk carrier, Intermediate containerships, Handysize containerships, and Feeder containerships. The Company’s five drybulk carriers have a total cargo capacity of 351,272 deadweight tons (dwt), and its seven containerships have a cargo capacity of 11,828 twenty-foot equivalent units (teu).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Euroseas CEO Discusses Future Prospects and Financial Performance
- Fleet Expansion Plan: Euroseas aims to expand its fleet from 21 to 25 vessels by 2028, with an expected capacity of approximately 79,000 TEU, a strategy that will enhance its market competitiveness and meet growing shipping demands.
- Strong Financial Performance: For the first nine months of the year, the company reported an average TCE rate of $28,735 per day, resulting in net revenues of $170 million and net income attributable to common shareholders of $85 million, demonstrating robust profitability in a high charter rate environment.
- Future Earnings Expectations: Full-year earnings are projected to exceed $16 per share, with approximately 83% of open days for 2026 already fixed at an average rate of $31,000 per day, ensuring visibility and stability in future earnings.
- Significant Cost Advantage: Euroseas has a break-even cost of $12,000 per vessel per day, with current charter yields providing an $18,000 per day margin, indicating that the company can remain profitable even under conservative scenarios, further solidifying its financial health.
See More
EUROSEAS LTD ANNOUNCES NEW CHARTER PERIOD FOR EM SPETSES BEGINNING APRIL 12, 2026
- New Charter Period: The new charter period for the European Union's Emission Trading System (ETS) will commence on April 12, 2026.
- Impact on Emission Targets: This change is expected to influence emission targets and regulations within the EU, aiming for a more sustainable approach to carbon emissions.
See More
Capital Link Releases Q4 2025 Shipping Insights Report Featuring Key Industry Perspectives
- Industry Insights Compilation: Capital Link's Q4 2025 Shipping Insights report compiles exclusive interviews with executives from the container, dry bulk, LNG, LPG, and tanker sectors, offering in-depth analyses of key industry themes that help investors navigate market dynamics.
- Regulatory and Decarbonization Focus: The report discusses regulatory updates and decarbonization efforts within the industry, highlighting their significant impact on shipping companies' capital allocation and shareholder value enhancement, reflecting the industry's commitment to sustainability.
- Global Trade Trends: By analyzing global trade trends, the report reveals how shipping companies are adjusting their strategies in a rapidly changing market environment to address future challenges and opportunities, thereby strengthening their competitive position.
- Executive Insights Sharing: The report features insights from executives of notable companies, including Capital Clean Energy Carriers Corp. and Dynagas LNG Partners LP, providing forward-looking perspectives on the future of the shipping market to aid investors in making informed decisions.
See More
Scorpio Tankers Inc. Kicks Off Online Corporate Presentation Series on January 14, 2026
- Online Presentation Launch: Scorpio Tankers Inc. will kick off its online corporate presentation series on January 14, 2026, at 10:00 AM ET, showcasing its business development and strategy, which is expected to attract investor interest.
- Industry Participation: The event will feature senior management from multiple publicly listed maritime companies, providing in-depth analysis of industry outlook and growth potential, thereby enhancing market confidence in the maritime sector.
- Interactive Q&A Session: Each session will include a 45-minute company slide presentation followed by a live Q&A, fostering interaction with investors and improving company transparency and investor relations.
- Subsequent Event Schedule: The presentation series will continue for several weeks, covering speeches from various maritime companies, which is anticipated to provide a platform for participating companies to enhance their market visibility and investment appeal.
See More
EuroDry Focuses on Mid-Sized Dry Bulk Market with Manageable Order Book Levels
- Market Dynamics Analysis: Mr. Pittas of EuroDry emphasized the company's focus on the mid-sized dry bulk market, avoiding smaller Handysize and larger Capesize vessels, aiming to enhance competitiveness through precise market positioning.
- Financial Leverage Strategy: Mr. Pittas mentioned a target loan-to-value ratio of 50% to ensure resilience during downturns while enhancing equity returns, reflecting a cautious approach to market volatility.
- Order Book Management: Mr. Pittas pointed out that order book levels for Kamsarmax and Ultramax stand at 14% and 11.5%, respectively, aligning with historical norms and indicating long-term stability in the industry.
- Shifts in Chinese Demand: Mr. Norton noted that Chinese steel exports and power demand from AI data centers are driving long-haul shipping demand for iron ore and coal, indicating a market shift favorable to dry bulk transportation.
See More
Euroseas Secures New Charters for Three Vessels, Projected EBITDA of $75 Million
- New Charter Contracts: Euroseas has signed charter contracts for three modern 2,800 teu container vessels with a top-tier charterer for a period of 35 to 37 months at a gross daily rate of $30,000, reflecting strong demand in the container shipping market.
- Increased Revenue Visibility: The new charters are expected to commence in the first, second, and third quarters of 2026, projected to generate approximately $75 million in EBITDA over the minimum contracted period, significantly enhancing the company's revenue visibility for the coming years.
- Enhanced Market Competitiveness: By securing these charters, Euroseas increases its charter coverage to approximately 82.5%, 66.5%, and 42% for 2026, 2027, and 2028 respectively, bolstering its competitive position amid global uncertainties.
- Strategic Growth Opportunities: The successful signing of these charters allows the company to focus on evaluating further growth opportunities, ensuring stable cash flow and profitability in the coming years.
See More
Euroseas CEO Discusses Future Prospects and Financial Performance
- Fleet Expansion Plan: Euroseas aims to expand its fleet from 21 to 25 vessels by 2028, with an expected capacity of approximately 79,000 TEU, a strategy that will enhance its market competitiveness and meet growing shipping demands.
- Strong Financial Performance: For the first nine months of the year, the company reported an average TCE rate of $28,735 per day, resulting in net revenues of $170 million and net income attributable to common shareholders of $85 million, demonstrating robust profitability in a high charter rate environment.
- Future Earnings Expectations: Full-year earnings are projected to exceed $16 per share, with approximately 83% of open days for 2026 already fixed at an average rate of $31,000 per day, ensuring visibility and stability in future earnings.
- Significant Cost Advantage: Euroseas has a break-even cost of $12,000 per vessel per day, with current charter yields providing an $18,000 per day margin, indicating that the company can remain profitable even under conservative scenarios, further solidifying its financial health.
See More
EUROSEAS LTD ANNOUNCES NEW CHARTER PERIOD FOR EM SPETSES BEGINNING APRIL 12, 2026
- New Charter Period: The new charter period for the European Union's Emission Trading System (ETS) will commence on April 12, 2026.
- Impact on Emission Targets: This change is expected to influence emission targets and regulations within the EU, aiming for a more sustainable approach to carbon emissions.
See More
Capital Link Releases Q4 2025 Shipping Insights Report Featuring Key Industry Perspectives
- Industry Insights Compilation: Capital Link's Q4 2025 Shipping Insights report compiles exclusive interviews with executives from the container, dry bulk, LNG, LPG, and tanker sectors, offering in-depth analyses of key industry themes that help investors navigate market dynamics.
- Regulatory and Decarbonization Focus: The report discusses regulatory updates and decarbonization efforts within the industry, highlighting their significant impact on shipping companies' capital allocation and shareholder value enhancement, reflecting the industry's commitment to sustainability.
- Global Trade Trends: By analyzing global trade trends, the report reveals how shipping companies are adjusting their strategies in a rapidly changing market environment to address future challenges and opportunities, thereby strengthening their competitive position.
- Executive Insights Sharing: The report features insights from executives of notable companies, including Capital Clean Energy Carriers Corp. and Dynagas LNG Partners LP, providing forward-looking perspectives on the future of the shipping market to aid investors in making informed decisions.
See More
Scorpio Tankers Inc. Kicks Off Online Corporate Presentation Series on January 14, 2026
- Online Presentation Launch: Scorpio Tankers Inc. will kick off its online corporate presentation series on January 14, 2026, at 10:00 AM ET, showcasing its business development and strategy, which is expected to attract investor interest.
- Industry Participation: The event will feature senior management from multiple publicly listed maritime companies, providing in-depth analysis of industry outlook and growth potential, thereby enhancing market confidence in the maritime sector.
- Interactive Q&A Session: Each session will include a 45-minute company slide presentation followed by a live Q&A, fostering interaction with investors and improving company transparency and investor relations.
- Subsequent Event Schedule: The presentation series will continue for several weeks, covering speeches from various maritime companies, which is anticipated to provide a platform for participating companies to enhance their market visibility and investment appeal.
See More
EuroDry Focuses on Mid-Sized Dry Bulk Market with Manageable Order Book Levels
- Market Dynamics Analysis: Mr. Pittas of EuroDry emphasized the company's focus on the mid-sized dry bulk market, avoiding smaller Handysize and larger Capesize vessels, aiming to enhance competitiveness through precise market positioning.
- Financial Leverage Strategy: Mr. Pittas mentioned a target loan-to-value ratio of 50% to ensure resilience during downturns while enhancing equity returns, reflecting a cautious approach to market volatility.
- Order Book Management: Mr. Pittas pointed out that order book levels for Kamsarmax and Ultramax stand at 14% and 11.5%, respectively, aligning with historical norms and indicating long-term stability in the industry.
- Shifts in Chinese Demand: Mr. Norton noted that Chinese steel exports and power demand from AI data centers are driving long-haul shipping demand for iron ore and coal, indicating a market shift favorable to dry bulk transportation.
See More
Euroseas Secures New Charters for Three Vessels, Projected EBITDA of $75 Million
- New Charter Contracts: Euroseas has signed charter contracts for three modern 2,800 teu container vessels with a top-tier charterer for a period of 35 to 37 months at a gross daily rate of $30,000, reflecting strong demand in the container shipping market.
- Increased Revenue Visibility: The new charters are expected to commence in the first, second, and third quarters of 2026, projected to generate approximately $75 million in EBITDA over the minimum contracted period, significantly enhancing the company's revenue visibility for the coming years.
- Enhanced Market Competitiveness: By securing these charters, Euroseas increases its charter coverage to approximately 82.5%, 66.5%, and 42% for 2026, 2027, and 2028 respectively, bolstering its competitive position amid global uncertainties.
- Strategic Growth Opportunities: The successful signing of these charters allows the company to focus on evaluating further growth opportunities, ensuring stable cash flow and profitability in the coming years.
See More
