ZIM - Euroseas: Monster Short-Term Charter Contract Provides For Decent Q4 Upside

• Initiating coverage on Euroseas, a small, Greece-based owner of feeder containerships and intermediate container carriers.
• Outlining fleet composition and chartering strategy as well as recent moves to expand the fleet.
• Discussing Wednesday's record-high charter contract with a twelve-year-old boxship fixed at a daily charter rate of approximately $200,000 for up to 85 days.
• Charter contract provides for decent upside to current consensus estimates for Q4.
• Discount to net asset value calculates to approximately 35%. Speculative investors should consider buying the shares on weakness and waiting for the Q4 upside scenario to play out.

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