Tate Sullivan

Charles Fratt

Mark Reichman

Kristoffer Skeie

Climent Molins

Mark La Reichman

Poe Fratt

- Euroseas Ltd. reported strong financial results for the six months ended June 30, 2025, with **net income increasing to $66.8 million** from $60.8 million in the prior year period, and **basic earnings per share rising to $9.63** from $8.77.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:1]**  Time charter revenue also grew to **$116.8 million** from $108.6 million.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:1]** 
- The company expanded its fleet, operating an average of **22.83 vessels** in the first six months of 2025, up from 20.43 vessels in the same period of 2024.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:1]** **[1341170_0001171843-25-006804_esea20251024_6k.htm:3]**  This expansion contributed to increased revenue, while daily vessel operating expenses decreased by **5.1%** due to the integration of newer, more efficient vessels.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:3]** 
- Euroseas Ltd. significantly improved its liquidity, with total cash and cash equivalents and restricted cash increasing by **$32.0 million to $112.7 million** at June 30, 2025, compared to December 31, 2024.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:6]**  The company also declared dividends of **$0.65 per common share** in February and June 2025, and repurchased **40,925 common shares** for approximately $1.3 million during the period.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:18]** 
- The company is investing in future growth by contracting for **four new eco-design containerships** (4,300 TEU each) for a total consideration of approximately **$239 million**, with deliveries scheduled for Q4 2027 and Q2 2028.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:6]** **[1341170_0001171843-25-006804_esea20251024_6k.htm:21]**  Additionally, Euroseas completed the spin-off of older vessels into Euroholdings Ltd. in March 2025  **[1341170_0001171843-25-006804_esea20251024_6k.htm:11]**  and sold M/V "Marcos V" in October 2025, realizing a gain of approximately **$10.2 million**.  **[1341170_0001171843-25-006804_esea20251024_6k.htm:21]**

Euroseas Ltd. Reports Strong H1 2025 Financials, Expands Fleet, and Boosts Liquidity

- For the six months ended June 30, 2025, Euroseas Ltd. reported a **net income of $66.8 million** and **diluted earnings per share of $9.60**, an increase from $60.8 million and $8.71 respectively, for the same period in 2024.  **[1341170_0001171843-25-006803_esea20251024_6k.htm:1]** **[1341170_0001171843-25-006803_esea20251024_6k.htm:5]** 
- **Time charter revenue grew to $116.8 million** for the first half of 2025, up from $108.6 million in the prior year, primarily driven by an increased average number of operating vessels.  **[1341170_0001171843-25-006803_esea20251024_6k.htm:1]** **[1341170_0001171843-25-006803_esea20251024_6k.htm:3]** 
- The company completed the **spin-off of Euroholdings Ltd.** in March 2025 and continued its fleet renewal strategy by selling the M/V "Diamantis" for **$13.2 million** in January 2025 and agreeing to sell the M/V "Marcos V" for **$50.0 million** in October 2025.  **[1341170_0001171843-25-006803_esea20251024_6k.htm:11]** **[1341170_0001171843-25-006803_esea20251024_6k.htm:13]** **[1341170_0001171843-25-006803_esea20251024_6k.htm:21]** 
- Euroseas is expanding its fleet, having taken delivery of the newbuilding M/V "Symeon P" in January 2025 and signing contracts in July 2025 for **two additional eco-design containerships** totaling approximately **$118.5 million**, scheduled for delivery in the second quarter of 2028.  **[1341170_0001171843-25-006803_esea20251024_6k.htm:13]** **[1341170_0001171843-25-006803_esea20251024_6k.htm:21]** 
- As of June 30, 2025, total assets reached **$662.11 million** and total shareholders' equity was **$402.98 million**.  **[1341170_0001171843-25-006803_esea20251024_6k.htm:1]**  The company also declared a **$0.70 per share dividend** in August 2025.  **[1341170_0001171843-25-006803_esea20251024_6k.htm:21]**

Euroseas Reports Strong First Half 2025 Financials, Strategic Fleet Management, and Dividend Declaration

- Euroseas Ltd. announced a new time charter contract for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of **11 to a maximum of 12 months**.  **[1341170_ec5f96580dd242dbaa571e2407ed3416_0]** 
- The new charter, commencing on **November 17, 2025**, is at a gross daily rate of **$25,000**, which is a **$5,000 per day increase** over the vessel’s current rate.  **[1341170_ec5f96580dd242dbaa571e2407ed3416_0]** 
- This contract is expected to contribute about **$5.65 million of EBITDA** over the minimum contracted period.  **[1341170_ec5f96580dd242dbaa571e2407ed3416_0]** 
- The new charter will increase Euroseas' fleet charter coverage to **100% in the remainder of 2025** and approximately **70% in 2026**.  **[1341170_ec5f96580dd242dbaa571e2407ed3416_0]**

EUROSEAS (ESEA)