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GlobeNewswire·

Euroseas Ltd. Reports Results for the Quarter Ended June 30, 2026 and Declares Quarterly Common Stock Dividend

ESEA
  • Euroseas Ltd. reported total net revenues of $56.5 million for the second quarter of 2026, a 1.2% decrease from the same period in 2025.
  • Net income attributable to controlling shareholders for the second quarter was $33.2 million, or $4.77 per share basic and $4.74 per share diluted.
  • Adjusted net income for the second quarter was $32.9 million, or $4.73 per share basic and $4.70 per share diluted, excluding unrealized gains on equity securities.
  • Adjusted EBITDA for the second quarter reached $40.1 million, compared to $39.3 million in the second quarter of 2025.
  • The company operated an average of 21.0 vessels during the second quarter, earning an average time charter equivalent rate of $30,306 per day.
  • Total net revenues for the first half of 2026 were $112.3 million, with net income attributable to controlling shareholders of $65.7 million.
  • Adjusted EBITDA for the first half of 2026 was $81.0 million, while adjusted net income was $65.8 million.
  • The Board declared a quarterly dividend of $0.80 per share, payable on September 16, 2026, to shareholders of record on September 9, 2026.
  • As of August 13, 2026, the company had repurchased 480,460 common shares (6.8% of outstanding shares) for approximately $11.36 million under its $20 million share repurchase plan.
  • Outstanding debt stood at $208.1 million as of June 30, 2026, with scheduled bank debt repayments of approximately $18.1 million due over the next 12 months.
  • The company expanded its newbuilding program to 12 vessels scheduled for delivery between the third quarter of 2027 and the first quarter of 2029.
  • Charter coverage is secured at over 95% for the remainder of 2026, 81% for 2027, and 47% for 2028.
  • Vessel operating expenses excluding drydocking averaged $7,116 per vessel per day in the second quarter, driven by inflation adjustments to management fees and vessel supply costs linked to Middle East conflicts.
  • General and administrative expenses averaged $920 per vessel per day in the second quarter, an increase due to higher professional fees and stock incentive plan costs.
  • The company recognized a $0.3 million unrealized gain on equity securities and a $0.24 million unrealized loss on debt securities during the second quarter.
  • Fleet utilization remained high at 100.0% for the first half of 2026, with no vessels undergoing scheduled drydocking during the second quarter.