Euroseas Ltd. Announces 2-year Charter Contract Extension for its Feeder Containership, M/V EM Hydra

Associated Press

11-02-2025

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.
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