Categories Earnings, Industrials

Euroseas (NASDAQ: ESEA): Q4 2019 Earnings Snapshot

— Euroseas Ltd. (NASDAQ: ESEA) reported a fourth-quarter 2019 adjusted loss of $0.32 per share versus a loss of $0.20 per share expected.

— Total net revenues jumped by 66% to $13.3 million versus $12.11 million expected.

Earnings Update by AlphaStreet

— Drydocking expenses amounted to $1.5 million, up from $0.3 million last year. The latest quarter’s expenses comprise the drydocking cost of one vessel completing her drydocking and two vessels that completed their intermediate surveys in-water.

— On average, 16.8 vessels were owned and operated during the fourth quarter of 2019 earning an average time charter equivalent rate of $9,086 per day.

— During the fourth quarter, the company took delivery of four intermediate containerships, owned by Synergy Holdings Ltd. The four vessels represent a significant expansion of Euroseas’ fleet both in terms of units and value.

— During the fourth quarter of 2019 and early 2020, containership time charter rates have held their levels despite broader concerns about global economic growth and still existing, although de-escalating, trade tensions between the US and China.

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