Euroseas reports Q4 adjusted EPS $2.50 vs. $3.18 last year

Reports Q4 revenue $42.9M vs. $38.3M last year. Aristides Pittas, Chairman and CEO of Euroseas commented: "During the fourth quarter of 2022, containership markets dropped more than 80% from their end-September levels as a result of reduced demand for trade and the reversal of port congestion and other transportation system inefficiencies. In early 2023, market rates gave up a bit more ground and they seem to have stabilized, for now, at levels still better than their levels before the COVID pandemic. However, with a large orderbook, at 29% of the existing fleet looming, we expect the markets to remain at low levels over the next couple of years. Fortunately for Euroseas, the majority of our vessels are fixed through 2024. Also most of the orderbook is for larger vessels not competing directly with our ships. The orderbook for the feeder and intermediate size classes which we compete in is notably smaller, at around 15%, which coupled with the higher average age of ships in these size segments could even result in supply decreases. Yet, it is undeniable that the larger vessels set the tone of the markets. Our focus over the next two years remains on ensuring smooth operations of our existing fleet to serve our current charter contracts with contracted revenues in excess of $425 million over the next three years. We are also focused on the prompt delivery of our nine-vessel orderbook program and, of course, the chartering of the newbuild vessels. The first of our newbuilds is to be delivered towards the end of next month and it is scheduled to immediately commence its $48,000/day three-year charter while its sistership is expected to be delivered in June of 2023 commencing a similar $48,000/day three-year long charter. In parallel, we intend to continue rewarding our shareholders with our quarterly dividend and share repurchase program. We also continuously evaluate investment opportunities as our balance sheet strength allows us to pursue those accretive to our earnings and beneficial to our shareholders."