Euroseas reports Q2 2026 results, declares $0.80 dividend

Euroseas (NASDAQ: ESEA ) released second-quarter financial results and hosted an earnings call on Thursday.

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The full earnings call is available at Summary Euroseas Ltd reported Q2 2026 net revenues of $56.5 million, slightly down from Q2 2025 due to a reduced number of vessels, but offset by higher charter rates.

Net income attributable to controlling shareholders was $33.2 million for Q2 2026, with an adjusted EBITDA of $40.1 million.

The Board declared a quarterly dividend of $0.80 per share, maintaining an annualized yield between 4.2% and 4.5%.

The company announced the construction of four new container ships with deliveries expected between December 2028 and March 2029, financed through a mix of debt and equity.

Euroseas has secured multi-year charter extensions for two vessels at favorable rates, ensuring earnings visibility through early 2028.

The company operates 21 vessels and plans to expand its fleet to 33 vessels by Q1 2029, aiming for one of the youngest fleets in the market.

Chartering coverage stands at 96% for 2026, with favorable average daily rates projected through 2028.

Container shipping markets have been strong, with elevated charter and freight rates, though geopolitical tensions present uncertainties.

Management emphasized disciplined capital allocation, including potential further investments, dividend growth, and share repurchases.

The company has a solid balance sheet with $164 million in cash and $208 million in debt, highlighting strategic flexibility.

Full Transcript OPERATOR Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Ltd conference call on the second quarter 2026 financial results.

We have with us Mr.

Aristides Pittas, Chairman and Chief Executive Officer, and Mr.

Tassos Aslidis, Chief Financial Officer of the company.

At this time all participants are in a listen-only mode.

There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced.

I must advise you that this conference is being recorded today.

Please be reminded that the company announced their results with a press release that has been publicly distributed.

Before passing the floor to Mr.

Pittas, I would like to remind everyone that in today's presentation and conference call, Euroseas will be making forward-looking statements.

These statements are within the meaning of the federal securities laws.

Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.

I kindly draw your attention to slide number two of the webcast presentation, which has the full forward-looking statement.

And the same statement was also included in the press release.

Please take a moment to go through the whole statement and read it.

And now I would like to pass the floor to Mr.

Pittas.

Please go ahead, sir.

Aristides Pittas, Chairman and CEO Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call.

I'd like to apologize for the 10-minute delay, but I was caught in another very important phone call.

Sorry about that.

Together with me, Tasos Aslidis, our Chief Financial Officer.