2022-1Q results were impressive. ESEA reported Net Revenues of $45.5m (up 217%) versus our $40.5 million estimate. TCE rates were $33,986 versus $12,218 and our estimate of $30,114. While revenues more than doubled, operating costs rose a modest 5.3% versus last year. Operating income rose 515%, adjusted EBITDA rose 455%, adjusted net income rose 793%; all ahead of our expectations.The company is growing and locking in charter rates. ESEA recently signed newbuild agreements on three ships, agreed to acquire two container vessels, and exercised options for two more constructions. In addition, it has extended a charter and locked in charter rates for two upcoming deliveries, all at favorable rates. The impact of these actions will be to significantly increase and modernize the company's fleet size, provide attractive returns on the investment, and lock in strong earnings and cash flow for the immediate future. Read More >>