Euroseas Ltd. Announces 3-year Charter Contracts for Three Eco 2,800 teu Feeder Containership Newbuildings, M/V Tender Soul, M/V Dear Panel and M/V Symeon P
October 21 2024 - 3:05PM
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 new time
charter contracts for three fuel efficient 2,800 teu feeder
containerships. All three charters are for a minimum period of 34
months and a maximum period of 36 months at the option of the
charter at a gross rate of $32,000 per day.
Specifically:
- M/V Tender Soul, which was delivered earlier this year, will
commence its charter after the completion of her present charter in
early December 2024.
- M/V Dear Panel and M/V Symeon P, which are currently under
construction, and represent the last two of the Company’s
nine-vessel newbuilding program, will commence their charters upon
delivery from the shipyard, expected in the first week of January
2025.
Aristides Pittas, Chairman and CEO of
Euroseas commented: “We are very pleased to announce new
time charter contracts for three of our modern 2,800 teu vessels –
M/V Tender Soul and the last two upcoming newbuildings, MV/ Dear
Panel and M/V Symeon P – with a top-tier charterer for 34-36 months
at a very profitable rate of $32,000/day/vessel. This en-bloc deal
underscores the charterers’ sustained interest and need to invest
in high-spec, eco-friendly vessels. The 3-year duration also
emphasizes their long-term view in the resilience of the market,
especially, the feeder containership segment, and the fact that
such eco-friendly vessels will be particularly important going
forward as they navigate increasingly stringent environmental
regulations. These charters are expected to contribute about $79
million of EBITDA for the minimum contracted period and increase
our 2025 charter coverage to about 63%, and our charter coverage
for 2026 to about 31%.”
Fleet Profile:The Euroseas Ltd.
fleet profile after the charter of M/V Tender Soul, M/V Dear Panel,
and M/V Symeon P is as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment |
TCE Rate($/day) |
Container Carriers |
|
|
|
|
|
|
MARCOS V(*) |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24TC until Aug-25 |
$42,200$15,000 |
SYNERGYBUSAN(+)(*) |
Intermediate |
50,726 |
4,253 |
2009 |
TC until Dec-24then until Dec-27 |
$25,000 $35,500(***) |
SYNERGYANTWERP(*) |
Intermediate |
50,726 |
4,253 |
2008 |
TC until Mar-25 |
$26,500(**) |
SYNERGYOAKLAND(*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until May-26 |
$42,000 |
SYNERGYKEELUNG(*) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until Apr-25 |
$23,000 |
EMMANUEL P(*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Apr-25 |
$21,000 |
RENA P(*) |
Intermediate |
50,796 |
4,250 |
2007 |
TC until Apr-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 Dec-24then until Oct-27 |
$17,000 $32,000(**) |
LEONIDAS Z (*) |
Feeder |
37,237 |
2,800 |
2024 |
TC until Mar-26 |
$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 Dec-24 |
$27,000 |
MONICA(*) |
Feeder |
22,262 |
1,800 |
2024 |
TC until May-25 |
$16,000 |
STEPHANIA K(*) |
Feeder |
22,262 |
1,800 |
2024 |
TC until May-26 |
$22,000(**) |
PEPI STAR(*) |
Feeder |
22,262 |
1,800 |
2024 |
TC until Jun-26 |
$24,250(**) |
EM SPETSES(*) |
Feeder |
23,224 |
1,740 |
2007 |
TC until Apr-26 |
$18,100 |
JONATHAN P(*) |
Feeder |
23,357 |
1,740 |
2006 |
TC until Oct-24then until Sep-25 |
$27,000(***)$20,000 |
EM HYDRA(*) |
Feeder |
23,351 |
1,740 |
2005 |
TC until Feb-25 |
$13,000 |
JOANNA(*) |
Feeder |
22,301 |
1,732 |
1999 |
In drydockthen from Oct-24to Aug-26 |
$16,500(****) |
AEGEANEXPRESS(+) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Dec-24 |
$8,000 |
Total ContainerCarriers on theWater |
23 |
846,172 |
67,073 |
|
|
|
|
Vessels underconstruction |
Type |
Dwt |
TEU |
To bedelivered |
Employment |
TCE Rate($/day) |
DEAR PANEL |
Feeder |
37,237 |
2,800 |
Jan-2025 |
TC until Nov-27 |
$32,000(**) |
SYMEON P |
Feeder |
37,237 |
2,800 |
Jan-2025 |
TC until Nov-27 |
$32,000(**) |
Total underconstruction |
2 |
74,474 |
5,600 |
|
|
|
|
Notes: |
(*) |
TC denotes time charter. All dates listed are the earliest
redelivery dates under each time charter unless thecontract rate is
lower than the current market rate in which cases the latest
redelivery date is assumed; vesselswith the latest redelivery date
shown are marked by (+). |
(**) |
Rate is gross of commissions of 2.5% (commissions are, typically,
5-6.25%). |
(***) |
Rate is gross of commissions of 1.25% (commissions are, typically,
5-6.25%). |
(****) |
Rate is $19,000 for the first 17 months, $9,500 for the next six
months and $16,500 for redelivery range. |
|
|
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 150 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 23 vessels, including
16 Feeder containerships and 7 Intermediate containerships with a
cargo capacity of 67,073 teu. After the delivery of its two
remaining feeder containership newbuildings in 2025, Euroseas’
fleet will consist of 25 vessels with a total carrying capacity of
72,673 teu.
Forward Looking StatementThis
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 AslidisChief Financial OfficerEuroseas Ltd.11 Canterbury
Lane,Watchung, NJ 07069Tel. (908) 301-9091E-mail:
aha@euroseas.gr |
Nicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue,
Suite 1540New York, NY 10169Tel. (212) 661-7566E-mail:
euroseas@capitallink.com |
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