Latest news with #AristidesPittas
Associated Press
5 days ago
- Business
- Associated Press
EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2025
ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the 'Company' or 'EuroDry'), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2025. First Quarter 2025 Highlights: ____________________ 1Adjusted EBITDA, Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry's financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP. Aristides Pittas, Chairman and CEO of EuroDry, commented: 'During the first quarter of 2025, we faced quite low charter markets, the lowest since the early days of the COVID pandemic, and although the market rebounded a bit in April and May, the rebound was not sufficient to return most vessels to profitability and, in addition, it started fizzling out by the end of May and early June in the face of season trends and the uncertainty created by the back-and-forth's on the tariff front. As EuroDry is fully exposed to the short-term charter markets, it is no surprise that we had a rather poor financial outcome for the quarter. The near-term outlook remains volatile as the demand side of the supply/demand equation struggles to establish a positive trend affected by the weakness of the steel industry and overall economic growth in China, the negative medium-term trend for thermal coal and the continuing conflicts in Ukraine and Gaza that have pushed significant reconstruction projects to the future. 'We have refrained from locking our vessels into longer duration charters at non-profitable levels deciding to face the market by pursuing short term trip charters to, potentially, benefit from any reversal in trends. The orderbook, as a percentage of the fleet, although it has modestly increased, remains low by historical standards, offering the possibility that a meaningful upturn in demand could quickly translate to better rates. At the same time, we try to optimize incremental investment in our elder cluster of Panamax vessels, especially around the time of drydockings; the sale of M/V Tasos was the result of cost/benefit analysis. As always, we continuously look for new opportunities to invest, mainly, in combination with the renewal of our fleet.' Tasos Aslidis, Chief Financial Officer of EuroDry, commented: 'Our net revenues for the first quarter of 2025 were lower by 36.2% as compared to the first quarter of 2024. This is primarily driven by the decrease of 42.5% in average time charter equivalent rates our vessels earned during the current quarter as compared to the first quarter of 2024, partly offset by the increased voyage days during the first quarter of 2025, mostly due to the fact that there were no scheduled off hire days due to drydocking, compared to 52.5 days of the same period of 2024. 'Vessel operating expenses were $6.6 million for the first quarter of 2025 as compared to $6.2 million for the same period of 2024. The increase is mainly attributable to increased costs of spare parts and maintenance for several of our vessels in the first quarter of 2025 compared to the corresponding period in 2024. 'Adjusted EBITDA during the first quarter of 2025 was $(1.0) million compared to $2.1 million achieved for the first quarter of last year. As of March 31, 2025, our outstanding debt (excluding the unamortized loan fees) was $105.2 million versus restricted and unrestricted cash of approximately $11.3 million.' First Quarter 2025 Results: For the first quarter of 2025, the Company reported total net revenues of $9.2 million representing a 36.2% decrease over total net revenues of $14.4 million during the first quarter of 2024, which was the result of the decreased time charter rates our vessels earned during the first quarter of 2025 , partly offset by the increased voyage days during the first quarter of 2025, mostly due to the fact that there were no scheduled off hire days due to drydocking, compared to 52.5 days of the same period of 2024.. On average, 12.8 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of $7,167 per day compared to 13.0 vessels in the same period of 2024 earning on average $12,455 per day. For the first quarter of 2025, voyage expenses amounted to $1.7 million and mainly relate to vessels repositioning between charters and expenses during operational off-hire time, as compared to $1.5 million in the same period of 2024. Vessel operating expenses increased to $6.6 million for the first quarter of 2025 from $6.2 million in the same period of 2024. The increase is mainly attributable to the increased cost for spare parts and maintenance for several of our vessels operating in the first quarter of 2025 compared to the corresponding period in 2024. Depreciation expense for the first quarter of 2025 was $3.2 million compared to $3.4 million for the same period of 2024 as a result of the lower number of vessels owned and operated in the first quarter of 2025. Related party management fees for the period were $1.05 million compared to $1.08 million for the same period of 2024, again due to the decreased number of vessels owned and operated in the first quarter of 2025 and the favorable movement of the euro/dollar exchange rate, partly offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros. General and administrative expenses were $0.8 million for the first quarter of 2025, similar to the same period of last year. In the first quarter of 2025, one of our vessels completed its intermediate survey in water for a total cost of $0.1 million. In the first quarter of 2024 two of our vessels were drydocked in order to pass their special survey, for a total cost of $1.8 million. On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a gain on sale of $2.1 million. Interest and other financing costs for the first quarter of 2025 decreased to $1.8 million as compared to $2.1 million for the same period of 2024. Interest expense during the first quarter of 2025 was lower mainly due to the decreased benchmark rates of our loans, partly offset by the increased average debt during the first quarter of 2025, as compared to the same period of last year. For the three months ended March 31, 2025, the Company recognized a $0.13 million unrealized loss and a $0.04 million realized gain on one interest rate swap. For the three months ended March 31, 2024, the Company recognized a $0.15 million unrealized gain and a $0.06 million realized gain on one interest rate swap, as well as a $1.29 million unrealized gain and a $0.95 million realized loss on forward freight agreement contracts. The Company reported a net loss for the period of $4.0 million and a net loss attributable to controlling shareholders of $3.7 million, as compared to a net loss of $1.9 and a net loss attributable to controlling shareholders of $1.8 million for the same period of 2024. The net loss attributable to the non-controlling interest of $0.3 million in the first quarter of 2025 represents the loss attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS ('NRP investors') (the 'Partnership'). Adjusted EBITDA for the first quarter of 2025 was $(1.0) million compared to $2.1 million achieved during the first quarter of 2024. Basic and diluted loss per share attributable to controlling shareholders for the first quarter of 2025 was $1.35, calculated on 2,737,297 basic and diluted weighted average number of shares outstanding, compared to a basic and diluted loss per share attributable to controlling shareholders of $0.65 for the first quarter of 2024, calculated on 2,733,491 basic and diluted weighted average number of shares outstanding. Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized (gain) / loss on derivatives and the net gain on sale of vessel, the adjusted loss attributable to controlling shareholders for the quarter ended March 31, 2025 would have been $2.07 per share basic and diluted, compared to an adjusted loss of $1.18 per share basic and diluted attributable to controlling shareholders, respectively for the quarter ended March 31, 2024. Usually, security analysts do not include the above items in their published estimates of earnings per share. Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Note: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date. (**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. (***) The entity owning the vessel is 61% owned by EuroDry and 39% by NRP Investors. (****) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes. Summary Fleet Data: (1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company's fleet during the period divided by the number of calendar days in that period. (2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period. (3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. (4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues. (5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment. (6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels. (7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. (8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment. (9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period. (10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period. (11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry. (12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately. (13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period. (14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. (15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred. Conference Call and Webcast: Today, June 5, 2025, at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results. Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote 'EuroDry' to the operator and/or conference ID 13754200. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast-Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company's website. To listen to the archived audio file, visit our website and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation for the first quarter ended March 31, 2025, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website ( on the webcast page. Participants to the webcast can download the PDF presentation. Adjusted EBITDA Reconciliation: EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreements ('FFAs'), loss / (gain) on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized gain on FFAs, loss / (gain) on interest rate swap derivative, depreciation and net gain on sale of vessel. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders Reconciliation: EuroDry Ltd. considers Adjusted net loss attributable to controlling shareholders, to represent net loss before unrealized (gain) / loss on derivatives, which includes FFAs and interest rate swaps, and net gain on sale of vessel. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders is included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized (gain) / loss on derivatives and net gain on sale of vessel, which may significantly affect results of operations between periods. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net loss attributable to controlling shareholders or loss per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows. About EuroDry Ltd. EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters. The Company has a fleet of 12 vessels, including 4 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry's 12 drybulk carriers have a total cargo capacity of 843,402 dwt. After the delivery of two Ultramax vessels in 2027, the Company's fleet will consist of 14 vessels with a total carrying capacity of 970,402 dwt. 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 dry bulk vessels, 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
Yahoo
6 days ago
- Business
- Yahoo
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-25then until Jun-28 $23,000$35,500 EMMANUEL P(+)(*) Intermediate 50,796 4,250 2005 TC until Aug-25then until Sep-28 $21,000$38,000 RENA P(+) Intermediate 50,796 4,250 2007 TC until Aug-25then 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 Company Contact Investor Relations / Financial Media Tasos AslidisChief Financial OfficerEuroseas Ltd.11 Canterbury Lane,Watchung, NJ 07069Tel. (908) 301-9091E-mail: aha@ Nicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York, NY 10169Tel. (212) 661-7566E-mail: euroseas@
Yahoo
30-05-2025
- Business
- Yahoo
Euroseas Ltd. Announces Agreement to Sell its 2005-built 6,350 teu Intermediate Containership, M/V Marcos V
ATHENS, Greece, May 29, 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 signed an agreement to sell M/V Marcos V, an 6,350 teu intermediate containership built in 2005, to an unaffiliated third party, for $50 million. The vessel is scheduled to be delivered to its buyer in October 2025. The Company is expected to recognize a gain on the sale in excess of $8.50 million, or $1.20 per share. Aristides Pittas, Chairman and CEO of Euroseas commented: 'We are pleased to announce our agreement to sell our M/V Marcos V for a total price consideration of $50 million. The vessel was acquired in Q4 2021 for $40m, attached with a time charter contract at a rate of $42,000 per day for three years, plus a fourth year at the option of the charterer at $15,000 per day which was exercised. M/V Marcos V, upon its delivery to its new owners in October 2025, will have generated exceptional returns to our shareholders, realizing more than five times our original equity investment.' Fleet Profile: The Euroseas Ltd. fleet profile is currently as follows: Name Type Dwt TEU Year Built Employment (*) TCE Rate ($/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-25then until Jun-28 $23,000$35,500 EMMANUEL P(+) Intermediate 50,796 4,250 2005 TC until Aug-25 $21,000 RENA P(+) Intermediate 50,796 4,250 2007 TC until Aug-25then 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 Company Contact Investor Relations / Financial Media Tasos AslidisChief Financial OfficerEuroseas Ltd.11 Canterbury Lane,Watchung, NJ 07069Tel. (908) 301-9091E-mail: aha@ Nicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York, NY 10169Tel. (212) 661-7566E-mail: euroseas@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-04-2025
- Business
- Yahoo
Live Webinar on the Container Shipping Sector with Senior Executives from Publicly Listed Companies: Thursday, April 24, 2025, at 11 a.m. ET
NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) -- Capital Link will host a live webinar on Thursday, April 24, 2025, at 11 a.m. Eastern Time discussing the Container shipping sector. This is part of the Capital Link Shipping Sector Webinar Series, which provides periodic updates on the main shipping sectors. REGISTRATIONOnline attendance is complimentary. Please click on the link below to Registration FEATURED PANELISTS Mr. Aristides Pittas, Chairman & CEO - Euroseas Ltd. (NASDAQ: ESEA) Mr. Thomas Lister, CEO - Global Ship Lease, Inc. (NYSE: GSL) Mr. Moritz Fuhrmann, Co-CEO & CFO - MPC Container Ships ASA (OSLO: MPCC) MODERATED BY Mr. Ken Hoexter, Managing Director | Co-Head Industrials Research - Bank of America WEBINAR OVERVIEWThe discussion will focus on the latest market trends and dynamics in the container shipping sector, including evolving supply and demand patterns, market fluctuations, geopolitical challenges, the anticipated impact of tariff policies, environmental and regulatory changes. The panelists will share their perspectives on the key drivers shaping the outlook of the container shipping sector. WEBINAR STRUCTUREThe webinar will last for a total of one hour and will consist of a 45-minute roundtable discussion among the moderator and the panelists followed by a 15-minute Q&A session replying to questions from participants. Q&A – SUBMITTING QUESTIONS Participants can submit questions to the panelists prior to or during the event through the Q&A feature on the event page, or they can email them to us at questions@ 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 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. Euroseas 22 containerships 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. Euroseas shares trade on the NASDAQ Capital Market under the symbol 'ESEA' For more information about Euroseas Ltd., please visit About Global Ship LeaseGlobal Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008. The Company's fleet of 71 vessels as of December 31, 2024, had an average age weighted by TEU capacity of 17.6 years. In November 2024, Global Ship Lease agreed to purchase the Newly Acquired Vessels. Three were delivered in December 2024 and the fourth in January 2025. In addition, during December 2024 they agreed to sell an older vessel, Tasman (5,936 TEU built 2000), with expected delivery in late March 2025. In February 2025, GSL agreed to sell two more vessels, Akiteta (2,220 TEU built 2002), which was delivered to her new owners on February 19th, 2025, and Keta (2,207 TEU, built 2003), with expected delivery in March 2025. As of the date of this release, the Company has 71 vessels with an average age weighted by TEU capacity of 17.5 years. 40 ships are wide-beam Post-Panamax. As of December 31, 2024, including the last Newly Acquired Vessel, Czech, delivered on January 9, 2025, and all charters agreed during 2024 and through February 28, 2025, the average remaining term of the Company's charters, to the mid-point of redelivery, including options under the Company's control and other than if a redelivery notice has been received, was 2.3 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.88 billion. Contracted revenue was $2.37 billion, including options under charterers' control and with latest redelivery date, representing a weighted average remaining term of 2.9 years. Global Ship Lease shares trade on the New York Stock Exchange under the symbol 'GSL' For more information about Global Ship Lease please visit About MPC Container ShipsMPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage provider focusing on small to mid-size container ships. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes on fixed-rate charters. MPC Container Ships ASA shares trade on the Oslo Exchange under the symbol 'MPCC' For more information about MPC Container Ships ASA, please visit FORWARD-LOOKING STATEMENTSThese webinars and presentations may contain "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the beliefs of each participating Company regarding future results, many of which, by their nature are inherently uncertain and outside of the control of the Companies. Actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For more information about risks and uncertainties associated with the participating companies, please refer to the regulatory filings of each participating company with the SEC. ORGANIZER DISCLAIMER – CAPITAL LINK, in 1995, Capital Link provides Investor & Public Relations and Media services to several listed and private companies, including companies featured in these webinars. Our webinars, including the ones mentioned above, are for informational and educational purposes and should not be relied upon. They do not constitute an offer to buy or sell securities or investment advice or advice of any kind. The views expressed are not those of Capital Link which bears no responsibility for them. In addition, Capital Link organizes a series of industry and investment conferences annually in key industry centers in the United States, Europe and Asia, all of which are known for combining rich educational and informational content with unique marketing and networking opportunities. Capital Link is a member of the Baltic Exchange. Based in New York City, Capital Link has presence in London, Athens & Oslo. For additional information please visit: FOR FURTHER INFORMATION ON CAPITAL LINK'S WEBINARS AND PODCASTS PLEASE CONTACT:NEW YORKMr. Nicolas Bornozis/Ms. Anny ZhuTel. +1 212 661 7566Email: forum@ in to access your portfolio
Associated Press
11-02-2025
- Business
- Associated Press
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
