Euroseas reports Q3 adjusted EPS $4.23 vs. $3.92 last year

Reports Q3 revenue $56.9M vs. $54.1M last year. Aristides Pittas, CEO commented: “During the third quarter of 2025 as well as during the months of October and November to-date, containership rates maintain their high levels. Opposite to the charter markets, container freight rates declined reaching two-year low levels by late September but have recovered significantly since. Chartering activity for the segments we operate was somewhat lower during the same period as compared to the previous months mainly due to the summer slowdown and lack of vessel availability but charterer interest has remained strong, especially during October and November, as also evidenced by the charters we have just concluded. Today, we are extremely happy to report new forward charter contracts for five of our vessels of intermediate size, our M/V Synergy Oakland and all four vessels of our newbuilding program. M/V Oakland will contribute almost $25 million of EBITDA over its minimum charter period, while each of our newbuildings almost $40 million of EBITDA over its minimum period for a total of a minimum $183 million of EBITDA during the charter period. These charters greatly increase our revenue and earnings visibility and increase our charter coverage to about 75% for 2026 and in excess of 50% in 2027; furthermore, they provide us with contracted revenues well into 2032. “We are pleased to report a very profitable third quarter with earnings per share exceeding the levels reported in the second quarter of 2025 as well as the levels of the same period of last year. Our entire fleet is chartered at very profitable rates with our charter coverage for 2026 being about 70% and with many of our contracts extending into 2028. Given this contracted charter backlog and, even if we assume very conservative rates for our charter renewals, we expect to continue reporting very strong earnings in the quarters to come.”