Euroseas Ltd. has announced its results for the three- and six-month periods.
The company reported that it has total net revenues of $58.7 million, net income of $40.7 million or $5.89 and $5.84 earnings per share basic and diluted.
Additionally, an average of 21.26 vessels were owned and operated during the second quarter of 2024 earning an average time charter equivalent rate of $31,639 per day.
The Company has declared a quarterly dividend of $0.60 per share for the second quarter of 2024, payable on or around 17 September 2024 to shareholders of record on 9 September 2024. This is part of the company’s common stock dividend plan.
On 19 July 2024, the company took delivery of its seventh newbuilding M/V Pepi Star, an eco 1,800
TEU feeder containership from Hyundai Mipo Dockyard Co. in South Korea.
READ: Euroseas reports H1 financial results
The vessel is EEDI Phase 3 compliant, with a Tier III engine and other sustainability-related characteristics, such as alternative marine power (AMP).
Piraeus Bank S.A. offered a loan to finance the transaction in addition to its own funds. Following its delivery, M/V Pepi Star began a 23 to 25 month charter at a daily fee of $24,250.
Euroseas reportedly repurchased 400,705 shares of its common stock in open market transactions for $8.2 million as of 6 August, as part of its share repurchase plan of up to $20 million announced in May 2022.
The Board adopted a $20 million share repurchase program in 2022, which was extended for one year in 2023. The program has since been extended for another year.
READ: Euroseas finalises retrofits for 4,250 TEU boxship
Aristides Pittas, Chairman and CEO of Euroseas, said: “We are very pleased to report our results for the second quarter of 2024 which are the best we recorded in recent years.
“Also, we are pleased to have welcomed through the second quarter and in early July 2024, four
more of our nine vessel newbuilding program with the remaining two vessels scheduled to be delivered to us in January 2025.”
