Euroseas Ltd. increased its quarterly dividend and reported Q1 revenue of $55.8 million, below consensus estimates of $56.9 million.
Euroseas Ltd. (NASDAQ:ESEA) announced a quarterly dividend increase to $0.80 per share for Q1 2026, payable June 16 to shareholders of record by June 9. The company reported first-quarter revenue of $55.8 million, slightly below the $56.9 million consensus estimate.
The company operated an average of 21 vessels during the quarter, achieving an average time charter equivalent rate of $30,354 per day. CEO Aristides Pittas noted the quarter marked one of the strongest performances in 15 years.
Alliance Global raised its price target on ESEA to $85 from $75, citing a new 36-38 month charter agreement for the Kea feeder vessel at $30,000 per day, bolstering revenue visibility for 2026.