ATHENS, Greece, May 18, 2022 (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 a new charter for two newbuilding fuel efficient 2,800 teu feeder containerships currently under construction. Specifically:
- M/V GREGOS (H4201), a modern eco-design 2,800 teu scheduled to be delivered at the end of the first quarter of 2023, entered into a time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a gross daily rate of $48,000. The new charter will commence in March 2023, once delivered.
- M/V TERATAKI (H4202), a modern eco-design 2,800 teu scheduled to be delivered at the end of the second quarter of 2023, entered into a time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a gross daily rate of $48,000. The new charter will commence in June 2023, once delivered.
Aristides Pittas, Chairman and CEO of Euroseas commented:
"We are very pleased to announce three-year charters for the first two of our fuel efficient 2,800 teu feeder containerships under construction, M/V GREGOS and M/V TERATAKI, at a gross daily rate of $48,000 each. The new charters will commence upon delivery of the vessels in March 2023 and June 2023, respectively. Over the period of the charters, the two vessels are expected to contribute in excess of $85m of EBITDA fully repaying our cost to build them in just about 3 years. After these charters, our charter coverage for 2023 increases to about 76% and for 2024 to almost 55%.”
Fleet Profile:
After the new charter arrangements of M/V “TERATAKI” and M/V “GREGOS”, the Euroseas Ltd. fleet and employment profile will be as follows:
| Name | Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) | ||
| Container Carriers | ||||||||
| MARCOS V | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 | ||
| plus 12 months option | option $15,000 | |||||||
| AKINADA BRIDGE(+) | Intermediate | 71,366 | 5,610 | 2001 | TC until Nov-22 | $20,000 | ||
| 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 | ||
| 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-22 | $11,750 | ||
| then until Feb-23 | $14,500 | |||||||
| EMMANUEL P (ex-SEASPAN MELBOURNE) (*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Mar-25 | $19,000 | ||
| 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 | |||||||
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-23 | $22,000 | ||
| EM ASTORIA(*) | Feeder | 35,600 | 2,788 | 2004 | TC until Feb-23 | $65,000 | ||
| then 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 April-23 | $20,000 | ||
| JOANNA(+) | Feeder | 22,301 | 1,732 | 1999 | TC until Jan-23 | $16,800 | ||
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Apr-25 | $41,000 | ||
| Total Container Carriers | 18 | 737,404 | 58,871 | |||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment(*) | TCE Rate ($/day) | |
| GREGOS (*) | Feeder | 37,237 | 2,800 | Q1 2023 | TC until Mar-26 | $48,000 | |
| TERATAKI (*) | Feeder | 37,237 | 2,800 | Q2 2023 | 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 | 9 | 290,208 | 22,200 | ||||
| Notes: | |
| (*)(+) | TC denotes time charter. Charter duration indicates the earliest redelivery date unless the contract rate is lower than the current market rate in which cases the latest redelivery date is shown and marked by (+). |
| (**) | CONTEX stands for the Container Ship Time Charter Assessment Index. |
| (***) | 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.
After the delivery of its recently acquired 2 Intermediate containerships, the Company will have a fleet of 18 vessels comprising of 10 Feeder and 8 Intermediate containerships. Euroseas 18 containerships have a cargo capacity of 58,871 teu. On a fully-delivered basis of its vessels under construction, the Company’s fleet will increase to 27 containerships with a cargo capacity of about 81,071 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 |
