The following is a summary of the Euroseas Ltd. (ESEA) Q1 2024 Earnings Call Transcript:
Financial Performance:
Euroseas reported total net revenues of $46.7 million and a net income of $20 million or $2.87 per diluted share in Q1 2024.
The company declared a quarterly dividend of $0.60 per common share for Q1 2024, yielding an annualized dividend return of over 6%.
As of May 23, 2024, Euroseas had repurchased 400,705 of its common shares for a total of $8.2 million.
Euroseas reported earnings per share (EPS) of $2.67 and $2.66 (basic and diluted respectively) in Q1 2024, a decrease from $3.10 and $3.09 per share in Q1 2023.
The company's total debt as of March 31, 2024 was approximately $148.6 million.
Business Progress:
Euroseas sold Motor Vessel Astoria for approximately $10 million and delivered their fourth Newbuilding vessel, Motor Vessel Leonidas Z, which was chartered with HAPAG-Lloyd for about two years.
The fifth Newbuilding vessel, Motor Vessel Monica, was delivered and chartered for a minimum of 10 to maximum 12 months.
Newbuildings program is a focal point with total carrying capacity of 9,200 TEU including two 2,800 TEU vessels and two 1,800 TEU vessels.
Prospects are strong for 2024, with expected support for higher charter rates due to geopolitical tensions.
Anticipated loan repayments of about $25.7 million are planned for the remainder of the year, and financing is expected for the next two vessels from their newbuilding program.
More details: Euroseas IR
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