Euroseas reports Q3 adjusted EPS $4.07 vs $2.90 last year

Reports Q3 revenue $50.67M vs $45.96M last year. Aristides Pittas, Chairman and CEO of Euroseas commented: “By the end of the third quarter of 2023, containership market rates were down 20-25% for the types of vessels in our fleet as compared to June 2023; and, furthermore during October and early November, they continued their decline dropping approximately another 5%. Still, present charter rates are, for the segments we operate, higher, and in several cases significantly higher, than their level during December 2019, just before the pandemic. A drop in demand, the reduction of inefficiencies in the global transportation system and a spike in vessel deliveries ordered during the boom years has caused the rate declines.”