From GlobeNewswire: 2024-08-06 08:54:00

Euroseas Ltd. (NASDAQ: ESEA) reported strong financial results for the second quarter of 2024. Total net revenues were $58.7 million, with an adjusted net income of $34.3 million. The company declared a dividend of $0.60 per share and acquired a new vessel, M/V “Pepi Star”, for charter at a rate of $24,250 per day.

The second quarter of 2024 saw Euroseas Ltd. repurchasing 400,705 shares of common stock for $8.2 million as part of a share repurchase plan. Total net revenues for the first half of 2024 were $105.4 million, with an adjusted net income of $52.8 million. The company owns and operates an average of 20.43 vessels earning $29,836 per day on average.

Aristides Pittas, Chairman and CEO of Euroseas, expressed pleasure with the company’s strong performance in the second quarter of 2024. He noted improving market conditions for containerships and emphasized the company’s focus on maintaining financial stability amidst industry challenges. Tasos Aslidis, CFO, highlighted the company’s increased net revenues and reduced operating expenses, resulting in a 40% boost in adjusted EBITDA compared to the same period last year.



Read more at GlobeNewswire:: Euroseas Ltd. Reports Results for the Six-Month Period and