Here are 1-3 brief analogies for Euroseas (ESEA):

• Euroseas is like a global Hertz or Avis, but instead of cars, it owns and charters out a fleet of large container ships and dry bulk carriers for international ocean trade.
• Think of Euroseas as similar to FedEx's cargo division, but instead of airplanes, it transports goods worldwide using a fleet of large ocean-going container ships and dry bulk carriers.
• Imagine a global version of a large trucking company like J.B. Hunt, but instead of trucks moving goods across land, Euroseas owns and operates a fleet of massive cargo ships transporting raw materials and finished goods across oceans.

• Containership Services: Providing global maritime transportation for containerized cargo through its fleet of containerships.
• Drybulk Carrier Services: Offering worldwide shipping services for major dry bulk commodities using its fleet of drybulk vessels.

Euroseas (ESEA) primarily sells its services, which involve the chartering of dry bulk and container vessels, to other companies rather than individuals.

According to Euroseas' Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (SEC), no single customer accounted for 10% or more of total revenues for the years ended December 31, 2023, 2022, or 2021. Due to this diversification and typical industry practice, Euroseas does not publicly disclose the names of specific major customer companies.

However, based on the nature of its business as an international shipping company, Euroseas' chartering customers typically fall into the following categories:

• International Freight Forwarders and Logistics Companies: Firms that manage the global movement of goods and supply chains for various clients.
• Commodity Trading Houses and Raw Material Producers: Companies involved in the global trade and transportation of bulk commodities such as iron ore, coal, grain, bauxite, and fertilizers.
• Industrial Companies and Manufacturers: Businesses that require the seaborne transport of their raw materials, intermediate goods, or finished products for their operations.
• Major Container Shipping Lines: For its container vessels, Euroseas may charter ships to large liner companies to supplement their owned fleets on various trade routes. Examples of such companies include Maersk (Nasdaq Copenhagen: MAERSK B) and Hapag-Lloyd (Xetra: HLAG), though Euroseas does not disclose specific charter clients.

• Hyundai Mipo Dockyard Co., Ltd. (KRX: 010620)

Aristides J. Pittas, Chairman, President & Chief Executive Officer

Mr. Pittas has been the Chairman and Chief Executive Officer of Euroseas since its inception on May 5, 2005. He holds a B.Sc. in Marine Engineering from the University of Newcastle-Upon-Tyne and an M.Sc. in both Ocean Systems Management and Naval Architecture and Marine Engineering from the Massachusetts Institute of Technology. He is the founder and President of Eurobulk Ltd., a ship management company (since January 1995), and Eurochart S.A., a shipbroking company (since 1997). He previously served as the Managing Director of Eurobulk Ltd. from 1995 to 2005. His prior experience includes serving as Vice President of Oceanbulk Maritime SA (1991-1994) and holding various managerial positions at Varnima International SA (1990-1991) and Eleusis Shipyards S.A. (1985-1990). Mr. Pittas also serves as a Director of Pyxis Tankers Inc.

Dr. Anastasios Aslidis, Chief Financial Officer, Treasurer & Director

Dr. Aslidis joined Euroseas as a director and Chief Financial Officer in August/September 2005. He earned a diploma in Naval Architecture and Marine Engineering from the National Technical University of Athens, an M.S. in Ocean Systems Management (1984), an M.S. in Operations Research (1987), and a Ph.D. in Ocean Systems Management (1989), all from the Massachusetts Institute of Technology. Before joining Euroseas, he was a partner at Marsoft Inc., an international consulting firm specializing in investment and risk management in the maritime industry, from April 1989 to August 2005. During his time at Marsoft, he was involved in developing portfolio and risk management methods for shipowners, establishing investment funds, and structuring private equity in the maritime industry. He also consulted for the Boards of Directors of public and private shipping companies on strategy, asset selection, and investment timing. Dr. Aslidis also holds the position of CFO for EuroDry Ltd. and is a Director at Cosmos Health Inc. and Vianair Inc.

Symeon Pariaros, Chief Administrative Officer

Mr. Pariaros serves as the Chief Administrative Officer for Euroseas. No further background information is available in the provided sources.

Stephania Karmiri, Secretary

Ms. Karmiri holds the position of Secretary within Euroseas' management team. No further background information is available in the provided sources.

Increased regulatory pressure for decarbonization in shipping, including measures like the EU Emissions Trading System (ETS) for maritime transport, Carbon Intensity Indicator (CII) ratings, and other global emissions reduction targets, poses a significant threat. These regulations drive up operational costs for older, less fuel-efficient vessels, risk making non-compliant ships obsolete or uncompetitive, and necessitate substantial capital investment in new, more expensive green-technology vessels or retrofits to maintain a competitive fleet. This fundamental shift impacts asset values, chartering attractiveness, and long-term operational viability for companies with conventional fleets.

Euroseas (ESEA) primarily operates in the container shipping market, providing ocean-going transportation services through the ownership and operation of container vessels. The company generates revenue by chartering its fleet of containerships to shipping lines.

The addressable market for Euroseas' main product, container shipping services, is global.

• The global container ship market size was valued at USD 135.24 billion in 2024 and is anticipated to reach USD 141.08 billion in 2025, with projections to grow to USD 197.89 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 4.23% from 2025 to 2033.
• Another estimate values the global container shipping market size at USD 119.65 billion in 2025, expecting it to reach USD 139.45 billion by 2030, with a CAGR of 3.11% during the forecast period.

Here are 3-5 expected drivers of future revenue growth for Euroseas (ESEA) over the next 2-3 years:

1. Fleet Expansion and Modernization with Fuel-Efficient Newbuilds: Euroseas is actively pursuing a strategy of fleet growth and modernization through the acquisition of new, fuel-efficient containerships. The company has several new 4,300 TEU vessels on order, with deliveries scheduled in 2027 and 2028. This expansion is expected to increase the company's total carrying capacity significantly. For example, after the delivery of four intermediate containership newbuildings in 2027 and 2028, Euroseas' fleet will consist of 25 vessels with a total carrying capacity of 78,344 TEU. These modern, eco-friendly vessels are designed to offer improved fuel efficiency, providing operational cost advantages and enhancing environmental compliance, which can make them more attractive to charterers and potentially command higher rates.
2. Favorable Supply-Demand Dynamics in the Intermediate and Feeder Containership Segments: Euroseas strategically focuses on the intermediate (4,000-5,000 TEU) and feeder containership segments. These particular segments are characterized by a structural undersupply, an aging global fleet, and a low orderbook compared to larger vessel classes. This market dynamic is anticipated to sustain strong charter rates and high fleet utilization for Euroseas' vessels over the coming years. The company believes these fundamentals for feeder and intermediate containerships remain favorable, despite potential risks from cascading larger vessels.
3. Securing High-Value, Long-Term Charter Contracts: Euroseas has demonstrated a proactive approach in securing multi-year time charter contracts for its vessels. This strategy provides significant revenue visibility and stability, reducing exposure to short-term market volatility. The company reported robust charter coverage, with nearly 100% of its available days for 2025 and approximately 67% for 2026 already booked at attractive average daily rates. This strong forward coverage ensures a predictable revenue stream and supports sustained profitability.

Share Repurchases

• Euroseas initiated a share repurchase program in 2022.
• Since the inception of the program in 2022, the company has repurchased 463,074 shares.
• As of August 2025, approximately $9.5 million remained available under the existing share buyback authorization.

Capital Expenditures

• Euroseas' historical capital expenditures were $1 million in 2020, $74 million in 2021, $91 million in 2022, $112 million in 2023, and $179 million in 2024.
• Projected capital expenditures include $126 million for 2025, $128 million for 2026, $122 million for 2027, $125 million for 2028, and $127 million for 2029.
• The primary focus of capital expenditures has been on a newbuilding program for modern, fuel-efficient containerships, including nine vessels ordered with two delivered in 2023, five in 2024, and two in January 2025, totaling approximately $360 million. Additionally, two 4,300 TEU eco-design containerships were ordered in October 2024 for delivery in Q4 2027 at about $60 million each, and two more were contracted in July 2025 for approximately $118.5 million, expected in Q2 2028.