Euroseas Ltd. (NASDAQ: ESEA) reported Q1 EPS of $0.53, $0.12 better than the analyst estimate of $0.41. Revenue for the quarter came in at $14.31 million versus the consensus estimate of $14.65 million.

First Quarter 2021 Financial Highlights:

• Total net revenues of $14.3 million. Net income of $3.8 million; net income attributable to common shareholders (after a $0.1 million of dividend on Series B Preferred Shares and a $0.1 million of preferred deemed dividend arising out of the redemption of approximately $2 million of Series B Preferred Shares in the first quarter of 2021) of $3.6 million or $0.53 per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $3.0 million or $0.45 per share basic and diluted.
• Adjusted EBITDA1 was $5.6 million.
• An average of 14.0 vessels were owned and operated during the first quarter of 2021 earning an average time charter equivalent rate of $12,134 per day.
• The Company declared a dividend of $0.1 million on its Series B Preferred Shares. The dividend will be paid in cash.

Aristides Pittas, Chairman and CEO of Euroseas commented: “Over the last three months, the containership markets have continued their upward path exceeding their previous peak of 2008 and coming within reach to challenge their all-time highs last observed in 2005. Recovering demand and inefficiencies in container transport logistics, like port congestion, crew replacement and COVID related protocols, have been combined with modest supply growth to support the present market levels. The higher rates, naturally, have had a very positive effect on our profitability which is to further increase as the remaining of our vessels will renew their legacy charters during the following 4-5 months. In addition to chartering our vessels at higher rates, the strong market has allowed us to pursue charters of longer periods, of two or more years, thus, establishing visibility of our earnings well into next year and even 2023.

“We believe that the favorable market fundamentals will continue over the remainder of this and the next year as world economies are projected to continue recovering from their pandemic induced slowdowns and to register strong growth rates while, in parallel, vessel deliveries are expected to be modest over the same period.

“Our strategy is focused on ensuring that Euroseas remains a significant participant in the feeder/intermediate containership segment, expanding in a risk measured and accretive manner and using our public listing as a potential platform to consolidate privately owned vessels or fleets. Furthermore, as our liquidity increases, we are evaluating possible uses of any accumulated funds in terms of further deleveraging our balance sheet, exploiting investment opportunities or rewarding our shareholders by re-instituting common stock dividends.

“Finally, we are pleased to have completed our first Environment, Social & Governance report. Our ESG responsibilities is an integral part of our strategy and our overall success and we look forward to regularly communicating our progress on this front to our shareholders and investors.”

For earnings history and earnings-related data on Euroseas Ltd. (ESEA) click here.