Euroseas Ltd. Announces three-year Charter Contract for its Intermediate Containership, M/V Emmanuel P
ATHENS, Greece, June 03, 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 that it has secured a new time charter contract for its 4,250 teu intermediate containership, M/V Emmanuel P built in 2005, for a minimum period of 36 to a maximum period of 38 months, at the option of the charterer, at a gross daily rate of $38,000. The new charter period is expected to commence upon delivery of the vessel from the shipyard, following the completion of her scheduled drydock and the installation of energy saving devices, both of which are expected in the first half of September of 2025.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to announce a new time charter contract for our intermediate containership, M/V Emmanuel P, with a top-tier charterer for 36-38 months at a profitable rate of $38,000 per day. Amidst a shortage of tonnage, this fixture sets a higher rate level than "last done" and serves as a strong testament to the continued strength of the containership market, as well as the trust main market players place on Euroseas's commercial, technical and commercial management. This charter is expected to generate more than $32.0 million in EBITDA, over the minimum contracted period and increase our charter coverage to approximately 97% for 2025, 67% for 2026 and 40% for 2027. In parallel, our average contracted daily rate increases to about $28,700 for the remainder of 2025 and further increases to more than $31,000 per day in 2026 and more than $33,000 per day in 2027, providing significant visibility into our future cash flows and earnings."
Fleet Profile:
The Euroseas Ltd. fleet profile, after the new charter of MV Emmanuel P, is currently as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/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-28 | $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 Aug-25 then until Sep-28 | $21,000 $38,000 | |
| RENA P(+) | Intermediate | 50,796 | 4,250 | 2007 | TC until Aug-25 then until Aug-28 | $21,000 $35,500 | |
| 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 Apr-26 | $29,500 | |
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Aug-26 | $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-27 | $23,500 | |
| 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-27 | $19,000 | |
| Total Container Carriers on the Water | 22 | 849,404 | 67,494 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/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%)
(***) The vessel is sold and is expected to be delivered to its new owners in the fourth quarter of 2025
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 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,494 teu. After the sale of M/V Marcos V and the delivery of the two intermediate containership newbuildings in 2027, Euroseas' fleet will consist of 23 vessels with a total carrying capacity of 69,744 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] |
