Intrinsic value of Euroseas - ESEA

Previous Close

$1.65

  Intrinsic Value

$1.04

stock screener

  Rating & Target

sell

-37%

Previous close

$1.65

 
Intrinsic value

$1.04

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of ESEA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  51.00
  46.40
  42.26
  38.53
  35.18
  32.16
  29.45
  27.00
  24.80
  22.82
  21.04
  19.44
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
Revenue, $m
  65
  95
  135
  187
  253
  334
  432
  549
  685
  842
  1,019
  1,217
  1,436
  1,676
  1,936
  2,216
  2,515
  2,834
  3,172
  3,527
  3,901
  4,292
  4,701
  5,128
  5,573
  6,035
  6,516
  7,016
  7,536
  8,076
Variable operating expenses, $m
  115
  168
  238
  330
  447
  590
  764
  970
  1,211
  1,487
  1,800
  2,150
  2,537
  2,961
  3,420
  3,915
  4,445
  5,008
  5,604
  6,233
  6,893
  7,584
  8,307
  9,061
  9,847
  10,664
  11,514
  12,398
  13,316
  14,271
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  115
  168
  238
  330
  447
  590
  764
  970
  1,211
  1,487
  1,800
  2,150
  2,537
  2,961
  3,420
  3,915
  4,445
  5,008
  5,604
  6,233
  6,893
  7,584
  8,307
  9,061
  9,847
  10,664
  11,514
  12,398
  13,316
  14,271
Operating income, $m
  -50
  -73
  -104
  -143
  -194
  -256
  -332
  -421
  -526
  -646
  -781
  -933
  -1,101
  -1,285
  -1,485
  -1,699
  -1,929
  -2,174
  -2,433
  -2,705
  -2,992
  -3,292
  -3,606
  -3,933
  -4,274
  -4,629
  -4,998
  -5,382
  -5,780
  -6,194
EBITDA, $m
  -37
  -54
  -77
  -107
  -145
  -191
  -248
  -314
  -392
  -482
  -583
  -697
  -822
  -959
  -1,108
  -1,269
  -1,440
  -1,623
  -1,816
  -2,020
  -2,234
  -2,458
  -2,692
  -2,936
  -3,191
  -3,456
  -3,731
  -4,018
  -4,315
  -4,625
Interest expense (income), $m
  2
  4
  7
  11
  16
  24
  33
  44
  57
  73
  92
  113
  137
  164
  194
  227
  262
  300
  341
  385
  431
  479
  530
  584
  640
  698
  758
  822
  887
  956
  1,026
Earnings before tax, $m
  -54
  -80
  -114
  -160
  -217
  -289
  -375
  -478
  -599
  -737
  -894
  -1,070
  -1,265
  -1,479
  -1,711
  -1,962
  -2,230
  -2,515
  -2,817
  -3,136
  -3,471
  -3,822
  -4,190
  -4,573
  -4,972
  -5,387
  -5,820
  -6,269
  -6,736
  -7,221
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -54
  -80
  -114
  -160
  -217
  -289
  -375
  -478
  -599
  -737
  -894
  -1,070
  -1,265
  -1,479
  -1,711
  -1,962
  -2,230
  -2,515
  -2,817
  -3,136
  -3,471
  -3,822
  -4,190
  -4,573
  -4,972
  -5,387
  -5,820
  -6,269
  -6,736
  -7,221

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  234
  343
  487
  675
  912
  1,206
  1,561
  1,983
  2,474
  3,039
  3,678
  4,393
  5,184
  6,049
  6,988
  7,999
  9,081
  10,232
  11,450
  12,734
  14,082
  15,495
  16,972
  18,513
  20,117
  21,788
  23,525
  25,330
  27,206
  29,156
Adjusted assets (=assets-cash), $m
  234
  343
  487
  675
  912
  1,206
  1,561
  1,983
  2,474
  3,039
  3,678
  4,393
  5,184
  6,049
  6,988
  7,999
  9,081
  10,232
  11,450
  12,734
  14,082
  15,495
  16,972
  18,513
  20,117
  21,788
  23,525
  25,330
  27,206
  29,156
Revenue / Adjusted assets
  0.278
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
Average production assets, $m
  186
  273
  388
  538
  727
  961
  1,244
  1,580
  1,972
  2,422
  2,931
  3,501
  4,131
  4,821
  5,569
  6,375
  7,237
  8,154
  9,125
  10,148
  11,223
  12,349
  13,525
  14,753
  16,032
  17,363
  18,747
  20,186
  21,682
  23,235
Working capital, $m
  -5
  -8
  -11
  -15
  -20
  -27
  -35
  -44
  -56
  -68
  -83
  -99
  -116
  -136
  -157
  -179
  -204
  -230
  -257
  -286
  -316
  -348
  -381
  -415
  -451
  -489
  -528
  -568
  -610
  -654
Total debt, $m
  127
  203
  305
  436
  602
  808
  1,056
  1,351
  1,696
  2,091
  2,538
  3,039
  3,592
  4,198
  4,855
  5,563
  6,320
  7,126
  7,978
  8,877
  9,821
  10,810
  11,844
  12,922
  14,046
  15,215
  16,431
  17,695
  19,008
  20,373
Total liabilities, $m
  164
  240
  341
  473
  639
  844
  1,093
  1,388
  1,732
  2,127
  2,575
  3,075
  3,629
  4,234
  4,892
  5,599
  6,357
  7,162
  8,015
  8,913
  9,858
  10,847
  11,880
  12,959
  14,082
  15,251
  16,467
  17,731
  19,044
  20,409
Total equity, $m
  70
  103
  146
  203
  274
  362
  468
  595
  742
  912
  1,103
  1,318
  1,555
  1,815
  2,096
  2,400
  2,724
  3,069
  3,435
  3,820
  4,225
  4,649
  5,092
  5,554
  6,035
  6,536
  7,057
  7,599
  8,162
  8,747
Total liabilities and equity, $m
  234
  343
  487
  676
  913
  1,206
  1,561
  1,983
  2,474
  3,039
  3,678
  4,393
  5,184
  6,049
  6,988
  7,999
  9,081
  10,231
  11,450
  12,733
  14,083
  15,496
  16,972
  18,513
  20,117
  21,787
  23,524
  25,330
  27,206
  29,156
Debt-to-equity ratio
  1.810
  1.980
  2.080
  2.150
  2.200
  2.230
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.310
  2.310
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -54
  -80
  -114
  -160
  -217
  -289
  -375
  -478
  -599
  -737
  -894
  -1,070
  -1,265
  -1,479
  -1,711
  -1,962
  -2,230
  -2,515
  -2,817
  -3,136
  -3,471
  -3,822
  -4,190
  -4,573
  -4,972
  -5,387
  -5,820
  -6,269
  -6,736
  -7,221
Depreciation, amort., depletion, $m
  13
  18
  26
  36
  49
  65
  84
  107
  133
  164
  198
  237
  279
  326
  376
  431
  489
  551
  617
  686
  758
  834
  914
  997
  1,083
  1,173
  1,267
  1,364
  1,465
  1,570
Funds from operations, $m
  -41
  -61
  -88
  -124
  -168
  -224
  -291
  -372
  -465
  -574
  -696
  -834
  -986
  -1,153
  -1,335
  -1,531
  -1,741
  -1,964
  -2,201
  -2,451
  -2,713
  -2,988
  -3,276
  -3,576
  -3,889
  -4,214
  -4,553
  -4,905
  -5,271
  -5,651
Change in working capital, $m
  -2
  -2
  -3
  -4
  -5
  -7
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
Cash from operations, $m
  -39
  -59
  -85
  -119
  -163
  -217
  -283
  -362
  -454
  -561
  -682
  -818
  -969
  -1,134
  -1,314
  -1,508
  -1,716
  -1,938
  -2,174
  -2,422
  -2,683
  -2,956
  -3,243
  -3,541
  -3,853
  -4,177
  -4,514
  -4,864
  -5,229
  -5,607
Maintenance CAPEX, $m
  -8
  -13
  -18
  -26
  -36
  -49
  -65
  -84
  -107
  -133
  -164
  -198
  -237
  -279
  -326
  -376
  -431
  -489
  -551
  -617
  -686
  -758
  -834
  -914
  -997
  -1,083
  -1,173
  -1,267
  -1,364
  -1,465
New CAPEX, $m
  -63
  -87
  -115
  -150
  -189
  -234
  -283
  -336
  -392
  -450
  -510
  -570
  -630
  -690
  -748
  -806
  -862
  -917
  -971
  -1,023
  -1,075
  -1,126
  -1,177
  -1,228
  -1,279
  -1,331
  -1,384
  -1,439
  -1,495
  -1,554
Cash from investing activities, $m
  -71
  -100
  -133
  -176
  -225
  -283
  -348
  -420
  -499
  -583
  -674
  -768
  -867
  -969
  -1,074
  -1,182
  -1,293
  -1,406
  -1,522
  -1,640
  -1,761
  -1,884
  -2,011
  -2,142
  -2,276
  -2,414
  -2,557
  -2,706
  -2,859
  -3,019
Free cash flow, $m
  -110
  -158
  -219
  -295
  -389
  -500
  -631
  -782
  -953
  -1,144
  -1,355
  -1,586
  -1,835
  -2,103
  -2,388
  -2,690
  -3,009
  -3,344
  -3,695
  -4,061
  -4,443
  -4,841
  -5,254
  -5,683
  -6,128
  -6,591
  -7,071
  -7,570
  -8,088
  -8,626
Issuance/(repayment) of debt, $m
  55
  76
  101
  131
  166
  205
  249
  295
  344
  395
  448
  500
  553
  606
  657
  708
  757
  805
  853
  899
  944
  989
  1,034
  1,078
  1,123
  1,169
  1,216
  1,264
  1,313
  1,365
Issuance/(repurchase) of shares, $m
  77
  112
  158
  216
  289
  377
  482
  605
  746
  907
  1,086
  1,285
  1,503
  1,739
  1,993
  2,265
  2,554
  2,860
  3,183
  3,521
  3,876
  4,246
  4,633
  5,035
  5,453
  5,889
  6,341
  6,811
  7,299
  7,806
Cash from financing (excl. dividends), $m  
  132
  188
  259
  347
  455
  582
  731
  900
  1,090
  1,302
  1,534
  1,785
  2,056
  2,345
  2,650
  2,973
  3,311
  3,665
  4,036
  4,420
  4,820
  5,235
  5,667
  6,113
  6,576
  7,058
  7,557
  8,075
  8,612
  9,171
Total cash flow (excl. dividends), $m
  22
  30
  40
  52
  66
  82
  99
  118
  137
  158
  179
  200
  221
  242
  262
  282
  302
  321
  340
  359
  377
  395
  413
  430
  448
  467
  485
  504
  524
  545
Retained Cash Flow (-), $m
  -77
  -112
  -158
  -216
  -289
  -377
  -482
  -605
  -746
  -907
  -1,086
  -1,285
  -1,503
  -1,739
  -1,993
  -2,265
  -2,554
  -2,860
  -3,183
  -3,521
  -3,876
  -4,246
  -4,633
  -5,035
  -5,453
  -5,889
  -6,341
  -6,811
  -7,299
  -7,806
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -55
  -82
  -117
  -164
  -222
  -295
  -383
  -487
  -609
  -749
  -908
  -1,085
  -1,282
  -1,497
  -1,731
  -1,983
  -2,252
  -2,539
  -2,843
  -3,163
  -3,499
  -3,852
  -4,220
  -4,605
  -5,005
  -5,422
  -5,855
  -6,306
  -6,774
  -7,261
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  -51
  -69
  -91
  -114
  -138
  -162
  -184
  -203
  -218
  -226
  -229
  -225
  -215
  -200
  -181
  -160
  -137
  -114
  -93
  -73
  -56
  -42
  -30
  -21
  -14
  -9
  -6
  -4
  -2
  -1
Current shareholders' claim on cash, %
  29.8
  9.1
  2.8
  0.9
  0.3
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Euroseas Ltd. is engaged in the shipping business. The Company is an owner and operator of drybulk and container carrier vessels and is a provider of seaborne transportation for drybulk and containerized cargoes. Eurobulk Ltd. manages the Company's operations. The Company also owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers. The Company has a fleet of 12 vessels, including Kamsarmax drybulk carrier, Panamax drybulk carriers and Handymax drybulk carrier, Intermediate containerships, Handysize containerships, and Feeder containerships. The Company’s five drybulk carriers have a total cargo capacity of 351,272 deadweight tons (dwt), and its seven containerships have a cargo capacity of 11,828 twenty-foot equivalent units (teu).

FINANCIAL RATIOS  of  Euroseas (ESEA)

Valuation Ratios
P/E Ratio -0.4
Price to Sales 0.6
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow -18
Price to Free Cash Flow -0.6
Growth Rates
Sales Growth Rate -26.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 58.8%
Cap. Spend. - 3 Yr. Gr. Rate 35.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 50%
Total Debt to Equity 56.8%
Interest Coverage -21
Management Effectiveness
Return On Assets -26.6%
Ret/ On Assets - 3 Yr. Avg. -14.3%
Return On Total Capital -28.9%
Ret/ On T. Cap. - 3 Yr. Avg. -15.8%
Return On Equity -40.9%
Return On Equity - 3 Yr. Avg. -22.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 92.9%
Gross Margin - 3 Yr. Avg. 94.2%
EBITDA Margin -117.9%
EBITDA Margin - 3 Yr. Avg. -44.3%
Operating Margin -146.4%
Oper. Margin - 3 Yr. Avg. -69.8%
Pre-Tax Margin -157.1%
Pre-Tax Margin - 3 Yr. Avg. -79.3%
Net Profit Margin -157.1%
Net Profit Margin - 3 Yr. Avg. -79.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ESEA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESEA stock intrinsic value calculation we used $42.917138 million for the last fiscal year's total revenue generated by Euroseas. The default revenue input number comes from 0001 income statement of Euroseas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ESEA stock valuation model: a) initial revenue growth rate of 51% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.2%, whose default value for ESEA is calculated based on our internal credit rating of Euroseas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Euroseas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ESEA stock the variable cost ratio is equal to 176.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ESEA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Euroseas.

Corporate tax rate of 27% is the nominal tax rate for Euroseas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ESEA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ESEA are equal to 287.7%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Euroseas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ESEA is equal to -8.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $46.694198 million for Euroseas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 11.274 million for Euroseas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Euroseas at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
DAC Danaos 1.12 1.25  hold
DCIX Diana Containe 1.43 3.14  str.buy
GLBS Globus Maritim 5.63 0.34  hold
CMRE Costamare 5.34 2.79  str.sell
DSX Diana Shipping 3.22 1.45  str.sell
SBLK Star Bulk Carr 9.25 4.24  str.sell
DRYS DryShips 5.48 1.79  str.sell
SB Safe Bulkers 2.21 1.12  str.sell

COMPANY NEWS

▶ The Competitive Advantages of Shipping Small Caps Webinar   [Sep-04-18 12:40PM  GlobeNewswire]
▶ Euroseas Ltd. to Host Earnings Call   [Aug-10-18 09:00AM  ACCESSWIRE]
▶ Is There Now An Opportunity In Euroseas Ltd (NASDAQ:ESEA)?   [Jun-24-18 09:10AM  Simply Wall St.]
▶ Euroseas Ltd (NASDAQ:ESEA): Time For A Financial Health Check   [May-10-18 10:19AM  Simply Wall St.]
▶ Euroseas Ltd. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ What Does Euroseas Ltds (NASDAQ:ESEA) Share Price Indicate?   [Feb-14-18 10:09AM  Simply Wall St.]
▶ How Should You Think About Euroseas Ltds (ESEA) Risks?   [Oct-02-17 02:22PM  Simply Wall St.]
▶ Investor Network: Euroseas Ltd. to Host Earnings Call   [May-12-17 09:00AM  Accesswire]
▶ Dry Bulk Bubble Bursts: DryShips Sinks as Trading Resumes   [01:33PM  at The Wall Street Journal]
▶ 'Shipping Gets Weird': Shares Surge as Analysts Struggle for Explanations   [Nov-16-16 03:22PM  at The Wall Street Journal]
▶ Shipping stocks soar as bears abandon ship   [02:34PM  at MarketWatch]
▶ DryShips: What the Heck Is Going On?!?!   [10:19AM  at Barrons.com]
▶ The Donald Trump Shipping Stock Boom   [03:38PM  at Forbes]

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