Euroseas LtdESEA
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Euroseas LtdEuroseas reported second-quarter 2026 net income of $33.2 million, or $4.74 per diluted share, as higher charter rates offset operating one fewer vessel than a year earlier. Total net revenues were $56.5 million, down 1.3% from $57.2 million in the second quarter of 2025, while adjusted EBITDA rose to $40.1 million from $39.3 million. The board declared a quarterly dividend of $0.80 per share, and the company has repurchased 480,000 shares for about $11.4 million under its $20 million buyback program. Euroseas ordered two additional 1,800-TEU ships for approximately $64.5 million, bringing its newbuilding program to 12 vessels on order at a total cost of about $560 million, with roughly $230 million in equity funding required. Charter coverage stands at about 96% for the remainder of 2026, 81% for 2027, and 47% for 2028, with contracted rates increasing through 2028, though management expects possible market moderation in late 2026 and greater oversupply risk in 2027.
Euroseas Ltd