Euroseas Q1 2026 Earnings Release with $0.80 Dividend and Newbuilding Expansion

Euroseas Ltd. reported strong first quarter 2026 results with total net revenues of $55.8 million and net income of $32.5 million ($4.67 EPS basic). Adjusted EBITDA was $40.9 million, and the company declared a quarterly dividend of $0.80 per share payable in June 2026. The company operated an average of 21 vessels earning $30,354 per day in time charter equivalent rates. Euroseas announced expansion of its newbuilding program from six to ten vessels, with deliveries scheduled from Q3 2027 through Q1 2029. The company also formed a joint venture for a 4,484 TEU vessel and reported $650 million in contracted revenue backlog over the next five years. Despite geopolitical uncertainties including the Iran war and Strait of Hormuz closure, the company maintains strong market positioning with over 90% coverage for 2026.