Euroseas Ltd. Announces 2-year Charter Contract Extension for its Feeder Containership, M/V EM Hydra
ATHENS, Greece, Feb. 11, 2025 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its 1,740 teu feeder containership, M/V EM Hydra for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $19,000, in direct continuation of its current charter. The new charter period is expected to commence on May 1, 2025.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that we have extended the time charter contract for our 20-year-old M/V EM Hydra with a top-tier charterer, in direct continuation of its present charter, for 24-26 months at a profitable rate of $19,000. Despite the potential reopening of the Red Sea routes which could normalize trading routes, the charter market for feeder containerships remains quite resilient, with limited vessel availability continuing to support strong periods and rates. This charter is expected to contribute about $7.3 million of EBITDA over the minimum contracted period and increase our 2025 charter coverage to about 85%, and our charter coverage for 2026 to about 50%.”
Fleet Profile:
After the charter of M/V EM Hydra, and after the previously announced spin-off of three of the Company’s subsidiaries into a separate company, Euroholdings Ltd., which has applied for listing on the NASDAQ exchange, the Euroseas Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | |
| Container Carriers | |||||||
| MARCOS V(+) | Intermediate | 72,968 | 6,350 | 2005 | TC until Oct-25 | $ | 15,000 |
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-27 | $ | 35,500 |
| SYNERGY ANTWERP(+)(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until May-25 then until May-28 | $ $ | 26,500 35,500 |
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $ | 42,000 |
| SYNERGY KEELUNG(+)(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until Jun-25 then until Jun-28 | $ $ | 23,000 35,500 |
| EMMANUEL P(+) | Intermediate | 50,796 | 4,250 | 2005 | TC until Jul-25 | $ | 21,000 |
| RENA P(+) | Intermediate | 50,796 | 4,250 | 2007 | TC until Jul-25 | $ | 21,000 |
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | $ | 19,000 |
| GREGOS(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Apr-26 | $ | 48,000 |
| TERATAKI(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Jul-26 | $ | 48,000 |
| TENDER SOUL(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Oct-27 | $ | 32,000 |
| LEONIDAS Z(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | $ | 20,000 |
| DEAR PANEL | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | $ | 32,000 |
| SYMEON P | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | $ | 32,000 |
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 then until Apr-26 | $ $ | 40,000 29,500 |
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 then until Aug-26 | $ $ | 40,000 28,000 |
| STEPHANIA K(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-26 | $ | 22,000 |
| MONICA(+) | Feeder | 22,262 | 1,800 | 2024 | TC-until May-25 | $ | 16,000 |
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | $ | 24,250 |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | $ | 18,100 |
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-25 | $ | 20,000 |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-25 then until May-27 | $ $ | 13,000 19,000 |
| Total Container Carriers on the Water | 22 | 849,404 | 67,494 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) |
| ELENA (H1711) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| NIKITAS G (H1712) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| Total under construction | 2 | 110,400 | 8,600 | |||
Notes:
(*)TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC 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 (+).
(**) Rate is net of commissions (which 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.
Following the completion of the spin-off of three of the Company’s subsidiaries into Euroholdings Ltd., Euroseas will have a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships. Euroseas 22 containerships will have a cargo capacity of 67,494 teu. After the delivery of the two intermediate containership newbuildings in 2027, Euroseas’ fleet will consist of 24 vessels with a total carrying capacity of 76,094 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: aha@euroseas.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: euroseas@capitallink.com |
