
Euroseas Ltd. Announces Time Charter Contract For Its Fuel Efficient 1,800 Teu Feeder Containership Newbuilding, M/V Monica And Financing Of M/V Monica And M/V Stefania K
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 |
TC until Aug-25 | $ | 15,000 | |||||
SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Aug-24 | $ | 25,000 |
SYNERGY ANTWERP(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until Mar-25 | $ | 26,500(**) |
SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $ | 42,000 |
SYNERGY KEELUNG(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until 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 Oct-24 | $ | 17,000 |
LEONIDAS Z (*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | $ | 20,000 |
EM ASTORIA (+)(****) | Feeder | 35,600 | 2,788 | 2004 | TC until May/Jun-24 | $ | 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 |
MONICA | Feeder | 22,262 | 1,800 | 2024 | TC until Mar-25 | $ | 16,000 |
EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Jul-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 May-24 Then until Mar-25 | $ $ | 15,000 13,000 |
JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until May-24 | $ | 10,250 |
AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Oct-24 | $ | 8,000 |
Total Container Carriers on the Water | 22 | 837,248 | 66,261 | ||||
Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) | |
STEPHANIA K | Feeder | 22,262 | 1,800 | Q2 2024 | |||
PEPI STAR | Feeder | 22,262 | 1,800 | Q3 2024 | |||
DEAR PANEL | Feeder | 37,237 | 2,800 | Q4 2024 | |||
SYMEON P | Feeder | 37,237 | 2,800 | Q4 2024 | |||
Total under construction | 4 | 118,998 | 9,200 | ||||
Notes:
(*) | TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter 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 gross of commissions of 2.5% (commissions are, typically, 5-6.25%) |
(***) | Rate is net of commissions (commissions are, typically, 5-6.25%) |
(****) | We have agreed to sell the vessel to a third party. The vessel will be delivered to its buyers by June 30, 2024. |
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, after the delivery of M/V Monica, will have a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 66,261 teu. After the delivery of its four remaining feeder containership newbuildings in 2024, Euroseas' fleet will consist of 26 vessels with a total carrying capacity of 75,461 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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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: ... | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: ... |

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