Home Top Movers Why Euroseas Ltd (ESEA) stock faced headwinds on Tuesday?

Why Euroseas Ltd (ESEA) stock faced headwinds on Tuesday?

Euroseas Ltd. (ESEA) stock did not perform well on Tuesday, May 25, 2021. In the morning session, ESEA stock lost 6.09% and closed at $15.73 per share. The stock continues its declining in the after-hours session and further lost 11% to close the day at $14.00 per share.

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ESEA shares have surged 547.33% over the last 12 months, and they have moved down 4.03% in the past week. Over the past three months, the stock has gained 87.26%, while over the past six months, it has added 376.67%.

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ESEA Recent developments

On May 25, 2021, Euroseas Ltd reported its results for the three months ended March 31, 2021.

Q1 2021 financial highlights

  • Euroseas Ltd reported total net revenues of $14.3 million in Q1 2021 compared to$15.4 million during the first quarter of 2020
  • Net income was $3.8 million in Q1 2021 compared to $2.0 million in Q1 2020.
  • Net income attributable to common shareholders was$3.6 million or $0.53 per share basic and diluted in Q1 2021 compared to net income attributable to common shareholders of $1.8 million or basic and diluted earnings per share of $0.32for the first quarter of 2020.
  • Adjusted net income attributable to common shareholders for the period was $3.0 million or $0.45 per share basic and diluted.
  • Adjusted EBITDA1was $5.6 million in Q1 2021compared to $4.1 million in Q1 2020.
  • The Company declared a dividend of $0.1 million on its Series B Preferred Shares. The dividend will be paid in cash. 

New time charter contracts for vessels

  • On May 06, 2021, announced a new time charter contract for its container vessel M/V “EM Hydra”.

M/V EM Hydra is a 1,740 TEU vessel that was built in 2005. It entered into a new time charter contract for a period between a minimum of twenty-three and a maximum of twenty-five months at the option of the charterer, at a gross daily rate of $20,000. The new rate will commence between May 15, 2021, and May 25, 2021, when the vessel will be redelivered from its current charterer.

  • On April 12, 2021, Euroseas Ltd. reported a new time charter contract for its container vessel M/V Joanna.

M/V “Joanna”, a 1,732 TEU vessel was built in 1999, entered into a new time charter contract for a period between a minimum of eighteen and a maximum of twenty-one months at the option of the charterer, at a gross daily rate of $16,800.

Conclusion

The ESEA stock plummeted on Tuesday after the company released its financial results for the first quarter which are not attractive for the investors when comparing it with the same quarter in 2020.

ESEA can further slide down in the coming days based on its recent financial results announcement.

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