ATHENS, Greece, May 23, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA, the "Company" or "Euroseas")), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2024 and declared a common stock dividend. First Quarter 2024 Financial Highlights: Total net revenues of $46.7 million. Net income of $20.0 million or $2.89 and $2.87 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $18.5 million or $2.67 and $2.66 per share basic and diluted. Adjusted EBITDA1 was $24.6 million. An average of 19.6 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of $27,806 per day.  Declared a quarterly dividend of $0.60 per share for the first quarter of 2024 payable on or about June 19, 2024 to shareholders of record on June 12, 2024, as part of the Company's common stock dividend plan. As of May 23, 2024 we had repurchased 400,705 of our common stock in the open market for a total of about $8.2 million, since the initiation of our share repurchase plan of up to $20 million announced in May 2022. Aristides Pittas, Chairman and CEO of Euroseas commented: "During 2024 and through mid-May of 2024, the containership markets continued their recovery mainly on the back of higher demand for vessels which resulted from longer trade routes. The latter resulted when liner companies decided to avoid going through the Red Sea and the Suez Canal in reaction to the attacks on shipping in the area. Rates for vessels similar to our 2,800 teu newbuildings increased by about 80% since the beginning of the year. Similar rate increases have been registered across most segments. We have been taking advantage of the improved rate environment and concluded charters for two of our newbuildings and extended the charters of certain of our other vessels, typically, at rates higher than the levels we anticipated three months ago. While it is unclear for how long the tense situation in the Red Sea will continue, after which rates might normalize, the market so far this year has been able to absorb the high level of newbuilding deliveries from the high overall vessel orderbook. The orderbook is still high by historical standards but it has come down to about 22% as a percentage of the global fleet. For the feeder and intermediate segments, the orderbook is quite low and stands at around 8% as a percentage of the global feeder fleet. What is more, over 20% of the capacity of the feeder segment has an age profile older than 20 years; it is, thus, not unlikely at all that the feeder fleet might even decline in the coming years. "The above mixed supply situation and a demand for containerized trade that depends not only on the economic trends across the globe but also on regional conflicts and geopolitical developments introduce significant uncertainties in the market. We believe that the best way to navigate through that is to remain focused on delivering our charter contract backlog strengthening our balance sheet and enhancing our liquidity. Operationally, our main priority is to safely and efficiently operate our fleet to reduce our carbon footprint through our newbuilding program and retrofits of our existing vessels. "In parallel, we continuously evaluate investment opportunities that are accretive to our earnings while at the same time we continue to reward our shareholders by again declaring a $0.60 per share quarterly dividend which provides a significant yield to the holders of our shares." Tasos Aslidis, Chief Financial Officer of Euroseas commented: "Our revenues for the first quarter of 2024 are increased by approximately 11% compared to the same period of 2023. This was mainly the result of the increased average number of vessels owned and operated in the first quarter of 2024, compared to the corresponding period of 2023. The Company operated an average of 19.60 vessels, versus 17.10 vessels during the same period last year. Net revenues amounted to $46.7 million for the first quarter of 2024 compared to $41.9 million for the first quarter of 2023. "Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, were slightly lower during the first quarter of 2024 compared to the same quarter of last year. "Adjusted EBITDA1 during the first quarter of 2024 was $24.6 million compared to $26.0 million achieved in the first quarter of last year. "As of March 31, 2024, our outstanding bank debt (before deducting the unamortized loan fees) was $148.6 million, versus restricted and unrestricted cash of approximately $55.4 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $39.0 million (excluding the unamortized loan fees)." First Quarter 2024 Results:For the first quarter of 2024, the Company reported total net revenues of $46.7 million representing an 11% increase over total net revenues of $41.9 million during the first quarter of 2023. On average, 19.6 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of $27,806 per day compared to 17.1 vessels in the same period of 2023 earning on average $29,231 per day. The Company reported a net income for the period of $20.0 million, as compared to a net income of $28.8 million for the first quarter of 2023. Voyage expenses for the first quarter of 2024 amounted to $1.0 million as compared to voyage expenses of $0.4 million for the same period of 2023. The increased amount of 2024 is mainly attributable to bunkers consumption by three of our vessels (M/V "Synergy Antwerp", M/V "Synergy Oakland" and M/V "Marcos") during their drydock period. Vessel operating expenses for the first quarter of 2024 amounted to $11.4 million as compared to $9.8 million for the same period of 2023. The increased amount is due to the higher number of vessels owned and operated in the first quarter of 2024 compared to the corresponding period of 2023. Depreciation expense for the first quarter of 2024 amounted to $5.4 million compared to $5.3 million for the same period of 2023 due to the increased number of vessels in the Company's fleet. Related party management fees for the first quarter of 2024 increased to $1.6 million from $1.4 million for the same period of 2023 as a result of the higher number of vessels in our fleet and the adjustment for inflation in the daily vessel management fee, effective from January 1, 2024, increasing it from 775 Euros to 810 Euros, partly offset by the favorable movement of the euro/dollar exchange rate. In the first quarter of 2024 three of our vessels completed their special survey with drydock for a total cost of $5.6 million. In the first quarter of 2023 one of our vessels completed her special survey with drydock for a total cost of $0.6 million. General and administrative expenses slightly increased to $1.2 million in the first quarter of 2024, as compared to $1.1 million in the first quarter of 2023. Finally, during the first quarter of 2023, we had other operating income of $1.3 million. The operating income for 2023 relates to loss of hire insurance for two of our vessels. The results of the Company for the first quarter of 2023 include a $5.2 million gain on sale of M/V "Akinada Bridge" that was completed in January 2023. In the first quarter of 2024 we did not have any other operating income or other operating expenses. Interest and other financing costs for the first quarter of 2024 amounted to $1.8 million, after deducting capitalized interest of $1.4 million charged on the cost of our newbuilding program, for a total cost of other finance and interest of $3.2 million, as compared to interest and other financing costs of $0.9 million for the same period of 2023 after deducting capitalized interest of $1.1 million charged on the cost of our newbuilding program, for a total interest and other financing cost of $2.0 million. This increase is due to the increased amount of debt and the increase in the weighted average benchmark rates of our bank loans in the current period compared to the same period of 2023. For the three months ended March 31, 2024 the Company recognized a $0.9 million gain on its interest rate swap contracts, comprising a $0.1 million realized gain and a $0.8 million unrealized gain. For the three months ended March 31, 2023 the Company recognized a $0.2 million loss on its interest rate swap contracts, comprising a $0.4 million realized gain and a $0.6 million unrealized loss. Adjusted EBITDA1 for the first quarter of 2024 was $24.6 million, compared to $26.0 million achieved for the first quarter of 2023, primarily as a result of the increased total operating expenses of our fleet in the period of 2024. Basic and diluted earnings per share for the first quarter of 2024 was $2.89 and $2.87, respectively, calculated on 6,923,331 basic and 6,969,324 diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $4.11 and $4.10, respectively for the first quarter of 2023, calculated on 6,998,213 basic and 7,014,090 diluted weighted average number of shares outstanding. Excluding the effect on the income for the quarter of the unrealized loss / (gain) on derivatives, the amortization of below market time charters acquired, the depreciation charged due to the increased value of the vessels acquired with below market time charters and the gain on sale of vessel, the adjusted earnings per share for the quarter ended March 31, 2024 would have been $2.67 and $2.66 per share basic and diluted, respectively, compared to adjusted earnings of $3.10 and $3.09 per share basic and diluted, respectively, for the first quarter of 2023. Usually, security analysts do not include the above items in their published estimates of earnings per share. Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name Type Dwt TEU Year Built Employment(*) TCE Rate ($/day) Container Carriers             MARCOS V (*) Intermediate 72,968 6,350 2005 TC until Dec-24then until Jul-25 $42,200$15,000 SYNERGY BUSAN (*) Intermediate 50,726 4,253 2009 TC until Aug-24 $25,000 SYNERGY ANTWERP (*) Intermediate 50,726 4,253 2008 TC until Mar-25 $26,500 SYNERGY OAKLAND (*) Intermediate 50,787 4,253 2009 TC until May-26 $42,000 SYNERGY KEELUNG (*) Intermediate 50,969 4,253 2009 TC until Apr-25 $23,000 EMMANUEL P (*) Intermediate 50,796 4,250 2005 TC until Apr-25 $21,000 RENA P (*) Intermediate 50,796 4,250 2007 TC until Apr-25 $21,000 EM KEA (*) Feeder 42,165 3,100 2007 TC until May-26 $19,000 GREGOS (*) Feeder 37,237 2,800 2023 TC until Apr-26 $48,000 TERATAKI (*) Feeder 37,237 2,800 2023 TC until Jul-26 $48,000 TENDER SOUL (*) Feeder 37,237 2,800 2024 TC until Oct-24 $17,000 LEONIDAS Z (*) Feeder 37,237 2,800 2024 TC until Apr-26 $20,000 EM ASTORIA (+) (**) Feeder 35,600 2,788 2004 TC until June-24 $20,000 EVRIDIKI G (*) Feeder 34,677 2,556 2001 TC until Feb-25 $40,000 EM CORFU (*) Feeder 34,654 2,556 2001 TC until Feb-25 $40,000 DIAMANTIS P (*) Feeder 30,360 2,008 1998 TC until Oct-24 $27,000 MONICA (*) Feeder 22,262 1,800 2024 TC until May-25 $16,000 EM SPETSES (*) Feeder 23,224 1,740 2007 TC until Jul-24 $29,500 JONATHAN P (*) Feeder 23,357 1,740 2006 TC until Sep-24 $26,662(***) EM HYDRA (*) Feeder 23,351 1,740 2005 TC until Feb-25 $13,000 JOANNA (*) Feeder 22,301 1,732 1999 TC until May-24then until Aug-24 $10,250$13,500