Euroseas Ltd. (ESEA-Q)

We reiterate the Greece based container carrier owner and operator as a TOP PICK.  New energy efficient vessels are receiving premium charter rates, while older vessels are being sold at sizable profits.   We like that cash reserves are growing while shares are bought back and debt is retired.  It trades at 3x earnings, under book value and supports a 44% ROE.  The robust dividend yield is backed by a payout ratio under 15% of cash flow.  We continue to recommend a stop at $31, looking to achieve $55 -- upside potential over 40%.  Yield 6.2% 

ESEA is a Greece based owner and operator of 22 containerships for dry and refrigerated cargoes.  The company has just chartered its fifth incremental cleaner fuel ship out or nine planned.  It trades at 3x earnings, 1.0x book value and supports a 52% ROE.  We like that cash reserves continue to grow, while debt is reduced and shares bought back.  It pays a nice dividend, backed by a payout ratio under 20% of cash flow.  We recommend setting a stop at $31, looking to achieve $49 -- upside potential of 28%.  Yield 5.5%