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Euroseas (ESEA) investor relations material
Euroseas Capital Link’s 2026 Virtual Corporate Presentation Series summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and strategy
Operates 21 vessels with 4 more under construction, focusing on feeder and intermediate container sectors.
Family ownership exceeds 50%, ensuring alignment with shareholders and a long-term management approach.
Fleet renewal includes nine new feeder vessels built between 2023–2025 and four intermediate vessels for delivery in 2027–2028.
Emphasis on energy-saving upgrades and environmental responsibility across the fleet.
Day-to-day management handled by Eurobulk, a family-owned company with experienced leadership.
Financial performance and dividend policy
Nine-month net revenue reached $170 million, with net income close to $100 million and EBITDA at $115 million.
Dividend of $0.70 per share for Q3, annualized to $2.8 per share, representing a yield of about 5%.
Dividend payments use only 15% of earnings, preserving capital for growth and newbuild funding.
Forward charter coverage for 2026 and 2027 at rates above $31,000 per day, supporting continued strong dividends.
Share price increased tenfold since 2021, now trading at a 38% discount to NAV.
Market outlook and risk management
Charter coverage for 2026 is 83% at $31,000/day, with 2027 and 2028 also largely secured at high rates.
Break-even cost is $12,000/day, ensuring high margins with current charter rates above $30,000/day.
Low leverage with $224 million in bank debt, representing 33% of book value and less versus market value.
Sector outlook expects normalization of rates post-2025, but still at profitable levels due to aging fleet and moderate order book.
Geopolitical risks and global economic growth are key variables for long-term projections beyond 2027.
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