Second Quarter 2023 Financial Highlights:
- Total net revenues of
$47.7 million . Net income of$28.9 million or$4.17 and$4.15 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was$29.0 million or$4.19 and$4.17 per share basic and diluted. - Adjusted EBITDA1 was
$30.6 million . - An average of 17.95 vessels were owned and operated during the second quarter of 2023 earning an average time charter equivalent rate of
$30,151 per day. - Declared a quarterly dividend of
$0.50 per share for the second quarter of 2023 payable on or aboutSeptember 16, 2023 , to shareholders of record onSeptember 9, 2023 , as part of the Company’s common stock dividend plan. - As previously announced, on
July 6, 2023 , the Company took delivery of its second newbuilding M/V “Terataki”, an eco 2,800 teu feeder containership from Hyundai Mipo Dockyard Co. inSouth Korea . The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by theNational Bank of Greece S.A. Following its delivery, M/V “Terataki” commenced a thirty-six- to forty-month charter with Asyad Lines. - The original share repurchase program of
$20 million approved by the Board during 2022 has been extended for another year. As ofAugust 9, 2023 , we have repurchased 396,615 shares of our common stock in open market transactions for$8.1 million . - The Company also announced that it completed its 2022 Sustainability Report which is available at its website (http://www.euroseas.gr/company/sustainability.html).
First Half 2023 Financial Highlights:
- Total net revenues of
$89.6 million . Net income of$57.6 million or$8.28 and$8.25 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was$50.7 million or$7.29 and$7.26 per share basic and diluted, respectively. - Adjusted EBITDA1 was
$56.6 million . - An average of 17.52 vessels were owned and operated during the first half of 2023 earning an average time charter equivalent rate of
$29,714 per day.
“We are very pleased with our results for the second quarter of 2023 which are one of the best results we have ever had since
“One-year time charter rates were up in the first half of the second quarter but up to now they have declined again by about 15% compared to their highs in mid-May. They are about 75% lower than their levels a year ago but they are still higher than their pre-pandemic levels. However, the direction they will take during the rest of 2023 and 2024 remains quite uncertain based on the projected supply and demand trends. There is good news on the economic front as it appears that the attack on inflation via interest rates increases has worked without causing a recession, at least, in the developed economies; undoubtedly, stronger economic growth is positive for containerized trade and containership demand. But there remain geopolitical uncertainties and, quite importantly, a large orderbook of containership vessels to be delivered over the next 2-3 years that the market needs to absorb. The latter seems a difficult task despite the expectation that fleet growth is to be somewhat mitigated by greenhouse gas emission regulations that will force some vessels to either reduce their speeds or stop trading.
“We believe we are well insulated from market volatility and expect to generate significant cash flow reserves that will allow us to comfortably fund the equity portion of our remaining seven newbuilding vessels, continue our dividend and share repurchase program and still have a significant war chest to pursue investment opportunities in an accretive way to our shareholders.
“Within the aforementioned concept we published our third Environmental, Social and Governance (ESG) Report. Our ESG report for 2022 presents our priorities and goals, reports on a wide range of sustainability-related Key Performance Indicators and provides extensive information about the ways in which our Company manages its impact on the environment, its people and society.”
“Daily vessel operating expenses, including management fees, averaged
“Adjusted EBITDA during the second quarter of 2023 was
Second Quarter 2023 Results:
For the second quarter of 2023, the Company reported total net revenues of
Vessel operating expenses were
Depreciation expense for the second quarter of 2023 amounted to
Related party management fees for the second quarter of 2023 were also slightly increased to
General and administrative expenses amounted to
In the second quarter of 2023 none of our vessels was drydocked, with an amount of
Interest and other financing costs for the second quarter of 2023 amounted to
For the three months ended
Adjusted EBITDA for the second quarter of 2023 was
Basic and diluted earnings per share for the second quarter of 2023 was
Excluding the effect on the income of the unrealized loss / (gain) on derivatives, the amortization of below market time charters acquired and the vessel depreciation charged on portion of the consideration of vessels acquired with attached time charters allocated to below market time charters, the adjusted earnings attributable to common shareholders for the quarter ended
First Half 2023 Results:
For the first half of 2023, the Company reported total net revenues of
Vessel operating expenses for the first half of 2023 amounted to
Depreciation expense for the first half of 2023 was
Related party management fees for the first half of 2023 increased to
General and administrative expenses amounted to
In the first half of 2023 one of our vessels completed her special survey with drydock for a total cost of approximately
Finally, during the first half of 2023 and 2022, we had other operating income of
Interest and other financing costs for the first half of 2023 amounted to
Adjusted EBITDA for the first half of 2023 was
Basic and diluted earnings per share attributable to common shareholders for the first half of 2023 was
Excluding the effect on the income for the first half of the year of the unrealized loss / (gain) on derivatives, the amortization of below market time charters acquired, the vessel depreciation charged on portion of the consideration of vessels acquired with attached time charters allocated to below market time charters and the gain on sale of a vessel (if any), the adjusted earnings per share attributable to common shareholders for the six-month period ended
Share Repurchase Program:
The Board of Directors approved the extension of the
Fleet Profile:
The
Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) | ||
Container Carriers | |||||||
MARCOS V(*) | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 plus 12 months option | Option | |
SYNERGY | Intermediate | 50,726 | 4,253 | 2009 | TC until Aug-24 | ||
SYNERGY | Intermediate | 50,726 | 4,253 | 2008 | TC until Dec-23 | ||
SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | ||
SYNERGY KEELUNG(+) | Intermediate | 50,969 | 4,253 | 2009 | TC until Apr-25 | ||
EMMANUEL P(*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Aug-23 then until Apr-25 | ||
RENA P(*) | Intermediate | 50,796 | 4,250 | 2007 | TC until Aug-23 then until Apr-25 | ||
Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | |||
GREGOS(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Apr-26 | ||
TERATAKI(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Jul-26 | ||
Feeder | 35,600 | 2,788 | 2004 | TC until Feb-24 then until Feb-25 | |||
EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 | ||
EM | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 | ||
DIAMANTIS P(*) | Feeder | 30,360 | 2,008 | 1998 | TC until Oct-24 | ||
EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Jul-24 | ||
JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-24 | ||
Feeder | 23,351 | 1,740 | 2005 | TC until May-24 | |||
JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until Jan-24 | ||
AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Aug-23 | ||
Total Container Carriers on the Water | 19 | 740,512 | 58,861 |
Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate (4/day) |
TENDER SOUL (H4236) | Feeder | 37,237 | 2,800 | Q1 2024 | ||
LEONIDAS Z (H4237) | Feeder | 37,237 | 2,800 | Q2 2024 | ||
MONICA (H4248) | Feeder | 22,262 | 1,800 | Q2 2024 | ||
STEPHANIA K (H4249) | Feeder | 22,262 | 1,800 | Q2 2024 | ||
PEPI STAR (H4250) | Feeder | 22,262 | 1,800 | Q2 2024 | ||
DEAR PANEL (H4251) | Feeder | 37,237 | 2,800 | Q4 2024 | ||
SYMEON P (H4252) | Feeder | 37,237 | 2,800 | Q4 2024 | ||
Total under construction | 7 | 215,734 | 16,600 |
Note:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date; All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**) Rate is net of commissions (commissions are typically 5-6.25%).
Summary Fleet Data:
Three months, ended | Three months, ended | Six months, ended | Six months, ended | |||||
FLEET DATA | ||||||||
Average number of vessels (1) | 16.46 | 17.95 | 16.23 | 17.52 | ||||
Calendar days for fleet (2) | 1,498.0 | 1,632.0 | 2,938.0 | 3,171.0 | ||||
Scheduled off-hire days incl. laid-up (3) | 6.2 | 0.0 | 58.6 | 0.0 | ||||
Available days for fleet (4) = (2) - (3) | 1,491.8 | 1,632.0 | 2,879.4 | 3,171.0 | ||||
Commercial off-hire days (5) | 0.0 | 0.0 | 5.3 | 28.9 | ||||
Operational off-hire days (6) | 4.8 | 3.8 | 11.0 | 40.8 | ||||
Voyage days for fleet (7) = (4) - (5) - (6) | 1,487.0 | 1,628.2 | 2,863.1 | 3,101.3 | ||||
Fleet utilization (8) = (7) / (4) | 99.7 | % | 99.8 | % | 99.4 | % | 97.8 | % |
Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 100.0 | % | 99.8 | % | 99.1 | % |
Fleet utilization, operational (10) = ((4) - (6)) / (4) | 99.7 | % | 99.8 | % | 99.6 | % | 98.7 | % |
AVERAGE DAILY RESULTS | ||||||||
Time charter equivalent rate (11) | 33,714 | 30,151 | 33,843 | 29,714 | ||||
Vessel operating expenses excl. drydocking expenses (12) | 7,080 | 7,114 | 6,867 | 7,220 | ||||
General and administrative expenses (13) | 652 | 715 | 667 | 728 | ||||
Total vessel operating expenses (14) | 7,732 | 7,829 | 7,534 | 7,948 | ||||
Drydocking expenses (15) | 477 | 249 | 852 | 316 |
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the Calendar days in a period net of scheduled off-hire days including laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Time charter equivalent rate, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, or are related to repositioning the vessel for the next charter. TCE provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.
(12) Daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees are calculated by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast:
Today,
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Euroseas” to the operator and/or conference ID 13740510. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Audio Webcast - Slides Presentation:
There will be a live and then archived webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website http://www.euroseas.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the second quarter ended
Unaudited Consolidated Condensed Statements of Operations
(All amounts expressed in
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||
2022 | 2023 | 2022 | 2023 | |||||||
(unaudited) | (unaudited) | |||||||||
Revenues | ||||||||||
Time charter revenue | 50,329,436 | 49,311,751 | 97,448,528 | 92,771,677 | ||||||
Commissions | (1,849,827 | ) | (1,616,162 | ) | (3,595,381 | ) | (3,139,471 | ) | ||
Net revenues | 48,479,609 | 47,695,589 | 93,853,147 | 89,632,206 | ||||||
Operating expenses/(income) | ||||||||||
Voyage expenses | 197,262 | 219,540 | 551,286 | 619,286 | ||||||
Vessel operating expenses | 9,431,572 | 10,298,601 | 17,830,465 | 20,142,818 | ||||||
Drydocking expenses | 714,818 | 406,514 | 2,502,744 | 1,001,882 | ||||||
Vessel depreciation | 4,106,538 | 5,616,645 | 7,827,654 | 10,888,582 | ||||||
Related party management fees | 1,173,912 | 1,311,603 | 2,345,944 | 2,752,178 | ||||||
Other operating (income) / expenses | - | (139,511 | ) | 350,000 | (1,429,511 | ) | ||||
General and administrative expenses | 977,409 | 1,167,359 | 1,960,481 | 2,308,006 | ||||||
Gain on sale of vessel | - | - | - | (5,158,370 | ) | |||||
Total operating expenses | 16,601,511 | 18,880,751 | 33,368,574 | 31,124,871 | ||||||
Operating income | 31,878,098 | 28,814,838 | 60,484,573 | 58,507,335 | ||||||
Other (expenses)/income | ||||||||||
Interest and other financing costs | (1,132,171 | ) | (1,199,728 | ) | (2,146,602 | ) | (2,087,399 | ) | ||
(Loss) / gain on derivatives, net | (32,613 | ) | 987,883 | 2,309,904 | 743,633 | |||||
Foreign exchange gain / (loss) | 36,262 | 7,234 | 37,314 | (27,436 | ) | |||||
Interest income | 266 | 265,434 | 947 | 496,782 | ||||||
Other (expenses)/ income, net | (1,128,256 | ) | 60,823 | 201,563 | (874,420 | ) | ||||
Net income | 30,749,842 | 28,875,661 | 60,686,136 | 57,632,915 | ||||||
Weighted average number of shares, basic | 7,224,424 | 6,919,716 | 7,223,189 | 6,958,748 | ||||||
Earnings per share, basic | 4.26 | 4.17 | 8.40 | 8.28 | ||||||
Weighted average number of shares, diluted | 7,258,436 | 6,956,447 | 7,256,434 | 6,985,422 | ||||||
Earnings per share, diluted | 4.24 | 4.15 | 8.36 | 8.25 |
Unaudited Consolidated Condensed Balance Sheets
(All amounts expressed in
2022 | 2023 | |||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | 25,845,333 | 31,841,476 | ||
Trade accounts receivable, net | 572,961 | 976,496 | ||
Other receivables | 5,515,311 | 7,796,257 | ||
Inventories | 2,306,177 | 2,572,426 | ||
Restricted cash | 2,193,173 | 972,338 | ||
Prepaid expenses | 350,206 | 1,105,850 | ||
Due from related company | 32,146 | - | ||
Derivatives | 1,142,682 | 444,068 | ||
Asset held for sale | 8,909,172 | - | ||
Total current assets | 46,867,161 | 45,708,911 | ||
Fixed assets: | ||||
Vessels, net | 216,570,426 | 249,127,642 | ||
Long-term assets: | ||||
Advances for vessels under construction | 59,083,594 | 93,816,071 | ||
Derivatives | 2,669,244 | 73,007 | ||
Restricted cash | 3,400,000 | 5,400,000 | ||
Total assets | 328,590,425 | 394,125,631 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Long-term bank loans, current portion | 55,419,815 | 45,255,407 | ||
Trade accounts payable | 5,160,068 | 3,667,935 | ||
Liability associated with asset held for sale | 3,556,641 | - | ||
Accrued expenses | 1,756,383 | 1,294,811 | ||
Accrued dividends | 66,375 | 150,625 | ||
Deferred revenue | 7,730,422 | 11,592,977 | ||
Due to related company | - | 1,141,102 | ||
Total current liabilities | 73,689,704 | 63,102,857 | ||
Long-term liabilities: | ||||
Long-term bank loans, net of current portion | 51,812,086 | 86,542,876 | ||
Fair value of below market time charters acquired | 34,933,438 | 27,296,214 | ||
Total long-term liabilities | 86,745,524 | 113,839,090 | ||
Total liabilities | 160,435,228 | 176,941,947 | ||
Shareholders’ equity: | ||||
Common stock (par value | 213,486 | 209,873 | ||
Additional paid-in capital | 260,539,222 | 258,970,263 | ||
Accumulated deficit | (92,597,511 | ) | (41,996,452 | ) |
Total shareholders’ equity | 168,155,197 | 217,183,684 | ||
Total liabilities and shareholders’ equity | 328,590,425 | 394,125,631 |
Unaudited Consolidated Condensed Statements of Cash Flows
(All amounts expressed in
Six Months Ended | Six Months Ended | |||
2022 | 2023 | |||
Cash flows from operating activities: | ||||
Net income | 60,686,136 | 57,632,915 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Vessel depreciation | 7,827,654 | 10,888,582 | ||
Amortization of deferred charges | 166,993 | 192,381 | ||
Share-based compensation | 431,502 | 680,294 | ||
Gain on sale of vessel | - | (5,158,370 | ) | |
Unrealized (gain) / loss on derivatives | (2,410,656 | ) | 3,294,851 | |
Amortization of fair value of below market time charters acquired | (3,063,787 | ) | (7,637,224 | ) |
Changes in operating assets and liabilities | 399,823 | (93,621 | ) | |
Net cash provided by operating activities | 64,037,665 | 59,799,808 | ||
Cash flows from investing activities: | ||||
Cash paid for vessels under construction | (30,161,477 | ) | (78,087,935 | ) |
Cash paid for vessel acquisitions and capitalized expenses | (36,504,636 | ) | (80,688 | ) |
Cash paid for vessel improvements | (580,791 | ) | (113,857 | ) |
Net proceeds from sale a vessel | - | 10,100,598 | ||
Net cash used in investing activities | (67,246,904 | ) | (68,181,882 | ) |
Cash flows from financing activities: | ||||
Cash paid for share repurchase | (346,631 | ) | (2,206,846 | ) |
Dividends paid | (3,615,593 | ) | (6,952,895 | ) |
Loan arrangement fees paid | - | (481,000 | ) | |
Proceeds from long-term bank loans | - | 52,000,000 | ||
Repayment of long-term bank loans | (13,770,921 | ) | (27,145,000 | ) |
Offering expenses paid | (27,838 | ) | (56,877 | ) |
Net cash (used in) / provided by financing activities | (17,760,983 | ) | 15,157,382 | |
Net (decrease) / increase in cash, cash equivalents and restricted cash | (20,970,222 | ) | 6,775,308 | |
Cash, cash equivalents and restricted cash at beginning of period | 31,498,229 | 31,438,506 | ||
Cash, cash equivalents and restricted cash at end of period | 10,528,007 | 38,213,814 |
Cash breakdown
Cash and cash equivalents | 4,952,773 | 31,841,476 |
Restricted cash, current | 175,234 | 972,338 |
Restricted cash, long-term | 5,400,000 | 5,400,000 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 10,528,007 | 38,213,814 |
Reconciliation of Net income to Adjusted EBITDA
(All amounts expressed in
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||
Net income | 30,749,842 | 28,875,661 | 60,686,136 | 57,632,915 | ||||
Interest and other financing costs, net (incl. interest income) | 1,131,905 | 934,294 | 2,145,655 | 1,590,617 | ||||
Vessel depreciation | 4,106,538 | 5,616,645 | 7,827,654 | 10,888,582 | ||||
Gain on sale of vessel | - | - | - | (5,158,370 | ) | |||
Loss / (gain) on interest rate swap derivatives, net | 32,613 | (987,883 | ) | (2,309,904 | ) | (743,633 | ) | |
Amortization of below market time charters acquired | (1,845,547 | ) | (3,839,709 | ) | (3,063,787 | ) | (7,637,224 | ) |
Adjusted EBITDA | 34,175,351 | 30,599,008 | 65,285,754 | 56,572,887 |
Adjusted EBITDA Reconciliation:
Reconciliation of Net income to Adjusted net income
(All amounts expressed in
Three Months Ended 2022 | Three Months Ended 2023 | Six Months Ended 2022 | Six Months Ended 2023 | |||||
Net income | 30,749,842 | 28,875,661 | 60,686,136 | 57,632,915 | ||||
Unrealized (gain) / loss on derivatives | (26,892 | ) | 2,693,251 | (2,410,656 | ) | 3,294,851 | ||
Amortization of below market time charters acquired | (1,845,547 | ) | (3,839,709 | ) | (3,063,787 | ) | (7,637,224 | ) |
Gain on sale of vessel | - | - | - | (5,158,370 | ) | |||
Depreciation on the portion of the consideration of vessels acquired with attached time charters allocated to below market time charters | 709,793 | 1,292,974 | 1,204,601 | 2,571,745 | ||||
Adjusted net income | 29,587,196 | 29,022,177 | 56,416,294 | 50,703,917 | ||||
Adjusted earnings per share, basic | 4.10 | 4.19 | 7.81 | 7.29 | ||||
Weighted average number of shares, basic | 7,224,424 | 6,919,716 | 7,223,189 | 6,958,748 | ||||
Adjusted earnings per share, diluted | 4.08 | 4.17 | 7.77 | 7.26 | ||||
Weighted average number of shares, diluted | 7,258,436 | 6,956,447 | 7,256,434 | 6,985,422 |
Adjusted net income and Adjusted earnings per share Reconciliation:
Adjusted net income and Adjusted earnings per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP. The Company's definition of Adjusted net income and Adjusted earnings per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net income and Adjusted earnings per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About
The Company has a fleet of 19 vessels, including 12 Feeder containerships and 7 Intermediate containerships.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside
Visit our website www.euroseas.gr
Company Contact | Investor Relations / Financial Media |
Chief Financial Officer Tel. (908) 301-9091 E-mail: aha@euroseas.gr | Capital Link, Inc. Tel. (212) 661-7566 E-mail: euroseas@capitallink.com |
_____________________
1 Adjusted EBITDA, Adjusted net income and Adjusted earnings per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for
Source:
2023 GlobeNewswire, Inc., source