Euroseas Secures Charter for New M/V Tender Soul Before Feb 2024 Delivery

TL;DR

**Euroseas locked in a charter for its new ship, M/V Tender Soul, before it even hits the water next month!**

AI Summary

Euroseas Ltd. announced on January 11, 2024, that its new fuel-efficient 2,800 TEU feeder containership, the M/V Tender Soul, has secured a time charter contract. This vessel, set for delivery in February 2024, will begin its charter immediately upon delivery. This news is significant for investors because securing a charter before delivery ensures immediate revenue generation, reducing idle time and providing predictable cash flow for Euroseas, which can positively impact its financial performance and stock value.

Why It Matters

Securing a time charter for the M/V Tender Soul before its February 2024 delivery ensures immediate revenue generation for Euroseas, reducing financial risk and providing stable income streams for investors.

Risk Assessment

Risk Level: low — This filing indicates a positive business development with a secured contract, reducing future operational uncertainty for the M/V Tender Soul.

Analyst Insight

A smart investor would view this as a positive signal, indicating stable future revenue for Euroseas, and might consider this a good time to evaluate or increase their position in ESEA, especially given the vessel's fuel efficiency.

Key Numbers

• 2,800 teu — Capacity of M/V Tender Soul (Indicates the size and cargo capacity of the new containership.)
• February 2024 — Delivery Date (The month the M/V Tender Soul is expected to be delivered and begin its charter.)

Key Players & Entities

• Euroseas Ltd. (company) — owner and operator of container carrier vessels
• M/V Tender Soul (company) — fuel-efficient 2,800 TEU feeder containership
• Aristides J. Pittas (person) — President of Euroseas Ltd.
• January 11, 2024 (date) — date of press release announcement
• February 2024 (date) — expected delivery month for M/V Tender Soul
• 2,800 TEU (dollar_amount) — capacity of the M/V Tender Soul

Forward-Looking Statements

• Euroseas Ltd. will experience increased revenue and profitability in Q1 2024 due to the immediate commencement of the M/V Tender Soul's charter. (Euroseas Ltd.) — medium confidence, target: Q1 2024
• The secured charter for M/V Tender Soul will positively influence investor sentiment and potentially lead to a short-term increase in ESEA stock price. (ESEA) — medium confidence, target: February 2024

FAQ

Key Financial Figures

• $17,000 — the charterer, at a gross daily rate of $17,000. The new charter will commence within F
• $2.4 million — charter is expected to contribute about $2.4 million of EBITDA for the minimum contracted pe
• $42,200 — 2005 TC until Dec-24 TC until Aug-25 $42,200 $15,000 SYNERGY BUSAN(*) Intermediat
• $15,000 — until Dec-24 TC until Aug-25 $42,200 $15,000 SYNERGY BUSAN(*) Intermediate 50,726
• $25,000 — 50,726 4,253 2009 TC until Aug-24 $25,000 SYNERGY ANTWERP Intermediate 50,726
• $18,250 — 50,726 4,253 2008 TC until Feb-24 $18,250 SYNERGY OAKLAND (*) Intermediate 50
• $42,000 — 50,787 4,253 2009 TC until May-26 $42,000 SYNERGY KEELUNG(*) Intermediate 50,9
• $23,000 — 50,969 4,253 2009 TC until Apr-25 $23,000 EMMANUEL P(*) Intermediate 50,796 4
• $21,000 — 50,796 4,250 2005 TC until Apr-25 $21,000 RENA P(*) Intermediate 50,796 4,250
• $19,000 — 42,165 3,100 2007 TC until May-26 $19,000 GREGOS(*) Feeder 37,237 2,800 2023
• $48,000 — 37,237 2,800 2023 TC until Apr-26 $48,000 TERATAKI(*) Feeder 37,237 2,800 20
• $50,000 — 04 TC until Feb-24 then until Feb-25 $50,000 $20,000 EVRIDIKI G(*) Feeder 34,67
• $20,000 — til Feb-24 then until Feb-25 $50,000 $20,000 EVRIDIKI G(*) Feeder 34,677 2,556
• $40,000 — 34,677 2,556 2001 TC until Feb-25 $40,000 EM CORFU(*) Feeder 34,654 2,556 2
• $27,000 — 30,360 2,008 1998 TC until Oct-24 $27,000 EM SPETSES(*) Feeder 23,224 1,740

Filing Documents

• f11224esea6k.htm (6-K) — 58KB
• f11224esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000003.txt ( ) — 115KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EUROSEAS LTD. Dated: January 12, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces Time Charter Contract for its Fuel-Efficient 2,800 teu Feeder Containership, M/V Tender Soul, to be delivered in February 2024 Maroussi, Athens, Greece January 11, 2024 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 it has entered into a time charter contract for M/V TENDER SOUL, a newbuilding fuel-efficient 2,800 teu feeder containership currently under construction, for a minimum period of eight to a maximum period of ten months at the option of the charterer, at a gross daily rate of $17,000. The new charter will commence within February 2024, upon delivery of the vessel from the shipyard. Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that we have chartered our upcoming newbuilding vessel, the third in a series of nine, with one of the largest liner companies, at a profitable rate level in a period when new vessel deliveries are at a historical high and, as a result, containership rates are under pressure. This charter is expected to contribute about $2.4 million of EBITDA for the minimum contracted period; it boosts our 2024 charter coverage to about 70%. We continue working in chartering out the remaining of our newbuildings and completing their debt financing arrangements. Our strong cash position and contracted cash flow provide us with comfort and flexibility in not only funding the equity portion of our newbuilding program but also continuing to return funds to our shareholders via dividends and share buybacks. Fleet Profile:

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View this 6-K filing on SEC EDGAR