The following is a summary of the Euroseas Ltd. (ESEA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Euroseas reported total net revenues of $46.7 million and a net income of $20 million or $2.87 per diluted share in Q1 2024.

• The company declared a quarterly dividend of $0.60 per common share for Q1 2024, yielding an annualized dividend return of over 6%.

• As of May 23, 2024, Euroseas had repurchased 400,705 of its common shares for a total of $8.2 million.

• Euroseas reported earnings per share (EPS) of $2.67 and $2.66 (basic and diluted respectively) in Q1 2024, a decrease from $3.10 and $3.09 per share in Q1 2023.

• The company's total debt as of March 31, 2024 was approximately $148.6 million.

Business Progress:

• Euroseas sold Motor Vessel Astoria for approximately $10 million and delivered their fourth Newbuilding vessel, Motor Vessel Leonidas Z, which was chartered with HAPAG-Lloyd for about two years.

• The fifth Newbuilding vessel, Motor Vessel Monica, was delivered and chartered for a minimum of 10 to maximum 12 months.

• Newbuildings program is a focal point with total carrying capacity of 9,200 TEU including two 2,800 TEU vessels and two 1,800 TEU vessels.

• Prospects are strong for 2024, with expected support for higher charter rates due to geopolitical tensions.

• Anticipated loan repayments of about $25.7 million are planned for the remainder of the year, and financing is expected for the next two vessels from their newbuilding program.

More details: Euroseas IR

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