Results are in line with strong prior quarters — revenue slightly down on fleet reduction but EPS and EBITDA improved. The high charter coverage (>95% through 2026) provides earnings visibility. Monitor containership charter rate trends and Red Sea disruption resolution for medium-term demand signals. The expanded newbuilding program signals growth but adds execution risk.
Price Chart
Executive Summary
Euroseas Ltd. reported Q2 2026 results with net revenues of $56.5M (down 1.2% YoY) and net income attributable to controlling shareholders of $33.2M ($4.77 EPS basic), up from $29.9M ($4.32 EPS basic) in Q2 2025. Adjusted EBITDA rose to $40.1M from $39.3M. The company declared a $0.80/share quarterly dividend and highlighted strong charter coverage (>95% for remainder of 2026) and an expanded newbuilding program of 12 vessels. The slight revenue decline due to a smaller fleet (21 vs 22 vessels) is offset by higher TCE rates ($30,306/day, +3.0% YoY) and strong profitability.
Key Facts
- Q2 2026 net revenues of $56.5M, down 1.2% YoY from $57.2M
- Net income attributable to controlling shareholders of $33.2M ($4.77 EPS basic), up from $29.9M ($4.32 EPS basic) in Q2 2025
- Adjusted EBITDA of $40.1M vs $39.3M in Q2 2025
- Average TCE rate of $30,306/day, up 3.0% YoY from $29,420/day
- Quarterly dividend declared of $0.80/share, payable Sept 16, 2026
- Charter coverage: >95% for remainder of 2026, 81% for 2027, 47% for 2028
- Expanded newbuilding program to 12 vessels, deliveries from Q3 2027 to Q1 2029
- Outstanding debt of $208.1M vs cash of $164.3M as of June 30, 2026
- Repurchased 480,460 shares (~6.8% of outstanding) for ~$11.36M under buyback plan
Financial Impact
Q2 net income of $33.2M on $56.5M revenue; adjusted EBITDA $40.1M; $0.80/share dividend (~4.2-4.5% annualized yield)
Risk Factors
- Potential reversal of Red Sea disruptions could reduce ton-mile demand and charter rates
- Large vessel orderbook concentrated in larger sizes may pressure rates in those segments
- Operating expenses rising (daily opex +6.2% YoY to $7,116) due to inflation and Middle East conflict
- Geopolitical uncertainty (Iran conflict, Strait of Hormuz) could impact trade routes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001317861-26-000041 |
| Document: 0001317861-26-000041-index-headers.html | 0001317861-26-000041 |
| Document: 0001317861-26-000041-index.html | 0001317861-26-000041 |
| Document: 0001317861-26-000041.txt | 0001317861-26-000041 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $66.17 | awaiting T+60 | — | $66.19 (+0.03%) |
Oct 19, 2026 8d ago | 6-K | $67.31 | awaiting T+60 | — | $66.19 (−1.66%) |
Oct 9, 2026 18d ago | 6-K | $71.24 | awaiting T+60 | — | $66.19 (−7.09%) |
Oct 5, 2026 22d ago | Insider Cluster | $73.05 | awaiting T+60 | — | $66.19 (−9.39%) |
Sep 3, 2026 7w ago | Insider Cluster | $76.94 | awaiting T+60 | — | $66.19 (−13.97%) |
Aug 14, 2026 10w ago | 6-K | $73.80 | awaiting T+60 | — | $66.19 (−10.31%) |
Aug 13, 2026 10w ago | Press Release | $73.59 | awaiting T+60 | — | $66.19 (−10.06%) |
Aug 10, 2026 11w ago | Press Release | $74.84 | awaiting T+60 | — | $66.19 (−11.56%) |
Jul 24, 2026 13w ago | 6-K | $76.11 $66.59 | ▼ −12.51% | ▼ −16.21% | $66.19 (−13.03%) |
May 26, 2026 22w ago | 6-K | $66.00 $75.02 | ▲ +13.67% | ▲ +11.79% | $66.19 (+0.29%) |
US Market Status
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