Euroseas Ltd. Announces a $19,000 per day Three-Year Charter for its 3,100 teu, 2007-built Vessel, M/V EM Kea and $15,000 per day One-Year Charter for its 1,740 teu, 2005-built Vessel, M/V EM Hydra

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ATHENS, Greece, April 26, 2023 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today charter extensions for its container vessels, M/V Kea and MV Hydra.

Specifically:

  • M/V EM Kea, a 3,100 TEU vessel built in 2007, entered into a time charter contract extension for a period of thirty-six months, at a gross daily rate of $19,000. The new charter will commence in June 2023 immediately following the completion of its current charter.
  • M/V EM Hydra, a 1,740 TEU vessel built in 2005, entered into a new time charter contract extension for a period of between a minimum of twelve and a maximum of fifteen months at the option of the charterer, at a gross daily rate of $15,000. The new charter will commence in May 2023 immediately following the completion of its current charter.

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Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce these two new charters which reflect the recent strengthening of the feeder containership markets and bring our charter coverage over the next 12 months in the range of 85-90%. It is noteworthy that the recent strengthening of the market for some segments has been in the range of 15-20% from the market turning point observed about 3 months ago. Especially for our M/V Kea, the three-year charter we concluded at $19,000/day is higher than our previously expected level for the vessel. The two vessels combined secure in excess of $24m of net charter revenues and contribute in excess of $13m of EBITDA during the period of the charter extensions.”

Fleet Profile:

After the new charter arrangements of M/V EM Hydra and M/V EM Kea, the Euroseas Ltd. fleet and employment profile will be as follows:

Name

Type

Dwt

TEU

Year
Built

Employment(*)

TCE Rate ($/day)
Container
Carriers
           
MARCOS V Intermediate 72,968 6,350 2005 TC until Dec-24 $42,200
plus 12 months
option
option $15,000
SYNERGY
KEELUNG(*)
Intermediate 50,969 4,253 2009 TC until Apr-23 $14,500
TC until Apr-25 $23,000
SYNERGY
OAKLAND(*)
Intermediate 50,787 4,253 2009 TC until May-26 $42,000
SYNERGY
BUSAN(*)
Intermediate 50,726 4,253 2009 TC until Aug-24 $25,000
SYNERGY
ANTWERP(+)
Intermediate 50,726 4,253 2008 TC until Dec-23 $18,000
RENA P (ex-
SEASPAN
MANILA)(*)
Intermediate 50,796 4,250 2007 TC until April-24 $20,250 then
Then until Feb 25 CONTEX(**) with
$13,000 floor and
$21,000 ceiling
EMMANUEL P
(ex-SEASPAN
MELBOURNE) (*)
Intermediate 50,796 4,250 2005 TC until Mar-25 $19,000
EM KEA(*) Feeder 42,165 3,100 2007 TC until May-23 $22,000
TC until May-26 $19,000
GREGOS (*) Feeder 37,237 2,800 2023 TC until Apr-26 $48,000
EM ASTORIA(*) Feeder 35,600 2,788 2004 TC until Feb-24 $50,000
then until Feb-25 $20,000
EVRIDIKI G(*) Feeder 34,677 2,556 2001 TC until Feb-25 $40,000
EM CORFU(*) Feeder 34,654 2,556 2001 TC until Feb-25 $40,000
DIAMANTIS P(*) Feeder 30,360 2,008 1998 TC until Oct-24 $27,000
EM SPETSES(*) Feeder 23,224 1,740 2007 TC until Aug-24 $29,500
JONATHAN P (*) Feeder 23,357 1,740 2006 TC until Sep-24 $26,662(***)
EM HYDRA(*) Feeder 23,351 1,740 2005 TC until Apr-23 $20,000
TC until Apr-24 $15,000
JOANNA(*) Feeder 22,301 1,732 1999 TC until May-23 $14,500
AEGEAN
EXPRESS(*)
Feeder 18,581 1,439 1997 TC until Aug-23 $13,000
Total Container
Carriers
18 703,275 56,061      

Vessels under
construction
Type Dwt TEU To be
delivered
Employment(*) TCE Rate
($/day)
TERATAKI (*) Feeder 37,237 2,800 Jun-23 TC until June-26 $48,000
TENDER SOUL Feeder 37,237 2,800 Q4 2023    
LEONIDAS Z Feeder 37,237 2,800 Q1 2024    
MONICA Feeder 22,262 1,800 Q1 2024    
STEPHANIA K Feeder 22,262 1,800 Q2 2024    
PEPI STAR Feeder 22,262 1,800 Q2 2024    
DEAR PANEL Feeder 37,237 2,800 Q4 2024    
SYMEON P Feeder 37,237 2,800 Q4 2024    
Total under
construction
8 252,971 19,400      

Notes:

(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**) The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers’ Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.
(***) Rate is net of commissions (commissions are typically 5-6.25%)


About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. 

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. 

The Company has a fleet of 18 vessels, including 11 Feeder and 7 Intermediate containerships. Euroseas 18 containerships have a cargo capacity of 56,061 teu. On a fully-delivered basis of its vessels under construction, the Company’s fleet will increase to 26 containerships with a cargo capacity of about 75,461 teu

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website www.euroseas.gr

Company Contact Investor Relations / Financial Media
Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: [email protected]
Nicolas Bornozis
Markella Kara
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, NY 10169
Tel. (212) 661-7566
E-mail: [email protected]

 

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