Latest news with #containerShipping
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
Reuters
16-05-2025
- Business
- Reuters
Container ship owners swamped as US-China trade detente revives demand
LOS ANGELES/HONG KONG, May 16 (Reuters) - Container ship bookings for China-to-U.S. cargo have surged since the countries declared a 90-day truce on punitive tit-for-tat tariffs last weekend, operators said, spawning traffic jams at Chinese ports and factories that could take weeks to clear. U.S. importers of sneakers and sofas to construction supplies and auto parts are racing to get goods in before the deadline resets tariffs again, setting the stage for disruptions that recall the global transport quagmire during the COVID-19 pandemic. The cargo surge at major trade gateways like Shenzhen's Yantian Port, which handles more than a quarter of China's exports to the United States, has ship owners scrambling to coordinate berths and adjust vessel schedules. "The demand is so high that we can only serve customers who have made long-term contracts with us," a spokesperson for German container ship operator Hapag-Lloyd ( opens new tab told Reuters. "We have hardly enough space for spontaneous bookings." Container-tracking software provider Vizion said average bookings for the seven days ended on Wednesday soared 277% to 21,530 20-foot equivalent units from the 5,709 TEU average for the week ended May 5. Owners of factories that make toys to holiday decor told Reuters they are booking previously frozen cargo headed to U.S. stores, including Walmart (WMT.N), opens new tab. Lalo, for example, which sells its baby furniture online and through retailers like Target (TGT.N), opens new tab and (AMZN.O), opens new tab, is among the companies that gave factories the green light to move their finished orders. "We had hundreds of thousands of units waiting to ship," said Lalo co-founder Michael Weider. "These products can now get on the water." "Everybody is very busy from my company, at my friend's companies," said Richard Lee, CEO of NCL Logistics, in China's southern metropolis of Shenzhen. "They are preparing a lot of cargo, a lot of products, to be shipped immediately from China to the U.S." The shipping surge will translate into a rush of arrivals at U.S. West Coast ports in the coming weeks. Still, industry experts, including the executive director of the Port of Los Angeles - the busiest U.S. seaport and No. 1 for ocean shipments from China, do not foresee a COVID-level tsunami of cargo. Rather, they project a large, but manageable wave. On Thursday, the off-contract spot rate from Shanghai to Los Angeles shot up 16% from the prior week to $3,136 per 40-foot container, according to data from maritime consultancy Drewry. That is less than half than in April 2024, but could jump sharply on June 1 to about $6,000 per container if ship owners push through rate increases. In the early days of the pandemic, as now, cargo demand spikes overwhelmed factories and container ships, kinking supply chains. Shipping and retail experts said 90 days is not enough time for most factories to fill new orders. Fewer slots are available on cargo ships because vessel owners had been culling China-to-U.S. voyages and schedules. Now, ocean carriers are "cancelling cancellations" of sailings, Drewry said. Demand, however, is markedly different this time. Trump's second-term tariffs have weakened U.S. retail sales, homebuilding and manufacturing - key drivers of container shipments. Moreover, many U.S. companies are sitting on inventory accumulated before Trump imposed tariffs on China and other countries. And nobody knows what import duties will be when the 90-day deadline expires in August. The Trump administration confirmed to Reuters that the U.S. rate would reset to 54%, assuming no agreement is reached by the deadline. Many retailers are prioritizing which products to order and ship, said Jessica Dankert, vice president of supply chain for the Retail Industry Leaders Association trade group, whose members include Home Depot (HD.N), opens new tab, Gap (GAP.N), opens new tab and Dollar General (DG.N), opens new tab. "It's still 30% at the end of the day," said Jamie Salter, CEO of Authentic Brands Group, referring to tariffs on China. Authentic Brands owns and licenses clothing brands including Reebok, Champion, and Forever 21. Some large suppliers to Detroit's Big Three automakers told Reuters that on customers' requests, they are flying in parts from China and stockpiling them. Others declined to add to inventories, saying they lacked the space and funds to do so. A Halloween goods exporter from the city of Yiwu in China, who gave her English name, Cecilia, said tariff increases have cut total orders in half this year and warned that prospective buyers are running out of time. "If you order now, you will have an anxious wait to see if it will be too late," she said. Jimmy Zollo, CEO at Joe and Bella, sells Chinese-made clothing for adults who have trouble dressing themselves due to arthritis, dementia or being in a wheelchair. He placed a new order with his supplier even though the 90-day window could close before he can take delivery. "We're hopeful that a new trade agreement is implemented, and the lowered tariffs do not expire," Zollo said.
Malay Mail
10-05-2025
- Business
- Malay Mail
Container shipping firms cull Asia-US service, Trump tariffs collapse trade
LOS ANGELES, May 10 — Major container shipping companies are suspending at least six scheduled weekly routes between China and the United States as President Donald Trump's punishing tariffs on the world's top exporting country collapse trade, maritime consultants said. The ships on those routes have the combined capacity to deliver 25,682 40-foot containers stuffed with toys, tennis shoes, car parts and things US manufacturers use to produce goods each week — or more than 1.3 million 40-foot containers a year, based on capacity data provided in customer advisories. The service cuts, coupled with cancellations of individual voyages, come as hulking container ship operators move to mitigate fallout from Trump's erratic trade policies. Policy makers, economists, and business owners have become increasingly hungry for information on ocean trade, responsible for 80 per cent of the world's commerce, because it is a gauge of global economic health. 'This is not the precursor, it is the proof of a drop in economic activity,' Simon Sundboell, CEO of Danish maritime data provider eeSea, said of the container vessel capacity reductions now underway. The route suspensions include scheduled weekly services operated by MSC, Zim and the Ocean Alliance that includes Cosco, Evergreen, CMA-CGM and Orient Overseas Container Line (OOCL), Sundboell said. Four of the service cuts affect West Coast ports, one impacts the East Coast and one hits the Gulf Coast, he said. The container shipping companies culling those services either declined to comment or did not immediately respond. Maersk and Hapag-Lloyd's Gemini Alliance have not suspended services — even though both partners experienced significant tariff-related China to US booking cuts in April and have swapped out some ships for smaller vessels. Representatives from the US and China are meeting this weekend in Switzerland after more than two months of stalemate over trade. Blankety blank Global shipping companies use service suspensions and cancellations of individual voyages, known as blank sailings, to shelter profits by ensuring they do not have more ships on the water than are needed by customers. That reduces unnecessary overhead costs and keeps supply and demand in balance, supporting competing off-contract spot rates. Blank sailings increased significantly after the Covid pandemic upended global trade in 2020 - and are part of why global container ship operators have been enjoying record profits. Major US retailers like and Walmart, which account for nearly half of global container trade, responded to Trump's 145 per cent tariffs on China last month by pausing or cancelling factory orders after those import duties more than doubled the cost of goods made in China. Cancelled, or blanked, individual voyages on the vital Transpacific route from Asia to North America surged from 9 per cent in week ended March 30 to 24 per cent in week ended May 4, maritime consultancy Drewry said in a podcast earlier this week. Drewry's data shows blank sailings reduced capacity on the Asia to West Coast North America routes by 20 per cent in April and 12 per cent so far in May. The cuts hit slightly harder on the North American East Coast, reducing 22 per cent in April and 18 per cent thus far in May, the consultancy said. MSC, the world's largest container ship operator, in April cancelled 30 per cent of its scheduled Transpacific voyages - more than any other container carrier, said Daniela Ghimp, project manager for ocean freight rate benchmarking at Drewry. The Premier Alliance, composed of Ocean Network Express (ONE), Hyundai Merchant Marine (HMM) and Yang Ming Marine Transportation, leads so far in May with a 20 per cent blank sailing rate, Ghimp said. ONE declined comment, while HMM and Yang Ming did not immediately respond. The full effect of Trump's tariffs will likely be delayed until July, when overall US container import volume could be down 25 per cent or more from the year earlier, said John McCown, senior fellow at the Centre for Maritime Strategy. 'Something's gotta give, and I believe either considerably more capacity will have to be culled, or spot rates will start to crash,' said Alan Murphy, CEO of supply chain adviser Sea-Intelligence. — Reuters
CNA
09-05-2025
- Entertainment
- CNA
Cargo: The Weight of Freight - Cargo: The Weight of Freight
46:53 Min Crisscrossing the oceans 365 days a year, they carry 90% of everything we buy. Taller than a 15-storey building, longer than 3 soccer fields, container ships are the invisible giants of globalization - its essential but forgotten cogs. How do they operate? And how come we so largely ignore everything about them? With the agreement of the world's 2nd largest shipowner Maersk, we board on one of these steel giants and follow its day-by-day trajectory along a shipping lane known as the backbone of world trade: the "FAL" (French Asia Line). We fully immerse ourselves alongside the crew, becoming aware of what it is to be a seafarer in the midst of a relantless race for profitability. From the Straits of Shanghai to the gates of Rotterdam,this journey on the high seas will serve as the main thread of an investigation to question the strenghts and weaknesses of global commerce, and explore the means to improve the human, technological and environmental impact of maritime transport. Cargo: The Weight of Freight About the show: Crisscrossing the oceans 365 days a year, they carry 90% of everything we buy. Taller than a 15-storey building, longer than 3 soccer fields, container ships are the invisible giants of globalization - its essential but forgotten cogs. How do they operate? And how come we so largely ignore everything about them? With the agreement of the world's 2nd largest shipowner Maersk, we board on one of these steel giants and follow its day-by-day trajectory along a shipping lane known as the backbone of world trade: the 'FAL' (French Asia Line). We fully immerse ourselves alongside the crew, becoming aware of what it is to be a seafarer in the midst of a relantless race for profitability. From the Straits of Shanghai to the gates of Rotterdam,this journey on the high seas will serve as the main thread of an investigation to question the strenghts and weaknesses of global commerce, and explore the means to improve the human, technological and environmental impact of maritime transport.
