Euroseas Secures 2-Year Charter for New Containership M/V Leonidas Z

TL;DR

**Euroseas just locked in a two-year charter for their new containership, M/V Leonidas Z, starting at delivery!**

AI Summary

Euroseas Ltd. announced on February 28, 2024, a two-year time charter contract for its new fuel-efficient 2,800 teu feeder containership, M/V Leonidas Z. The charter will commence upon the vessel's delivery. This information was disclosed in a press release attached as Exhibit 1 to their 6-K SEC filing.

Why It Matters

This charter provides Euroseas with guaranteed revenue for two years, enhancing financial stability and demonstrating demand for its new, fuel-efficient vessels.

Risk Assessment

Risk Level: low — Securing a long-term charter for a new vessel reduces revenue uncertainty and operational risk.

Key Numbers

• 2,800 teu — capacity (size of the M/V Leonidas Z containership)
• Two-Year — charter duration (length of the time charter contract)

Key Players & Entities

• EUROSEAS LTD. (company) — registrant
• M/V Leonidas Z (company) — new feeder containership
• February 28, 2024 (date) — date of press release and filing
• Aristides Pittas (person) — Chairman and CEO of Euroseas

FAQ

Key Financial Figures

• $20,000 — the charterer, at a gross daily rate of $20,000. The new charter will commence upon del
• $9 million — charter is expected to contribute about $9 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
• $2 — 50,726 4,253 2008 TC until Mar-24 $2 carrying empties, repositioning her for
• $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
• $17,000 — 37,237 2,800 2024 TC until Oct-24 $17,000 EM ASTORIA (*) Feeder 35,600 2,788
• $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
• $29,500 — 23,224 1,740 2007 TC until Jul-24 $29,500 JONATHAN P(*) Feeder 23,357 1,740

Filing Documents

• f22824esea6k.htm (6-K) — 58KB
• f22824esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000011.txt ( ) — 116KB

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: February 28, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces Two-Year Time Charter Contract for its Fuel Efficient 2,800 teu Feeder Containership Newbuilding, M/V Leonidas Z, Commencing upon its Delivery Maroussi, Athens, Greece February 28, 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 LEONIDAS Z, a newbuilding fuel efficient 2,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $20,000. The new charter will commence upon delivery of the vessel from the shipyard expected around the end of April or beginning of May 2024. Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that we have chartered our upcoming newbuilding vessel, the fourth in a series of nine, with one of the largest liner companies, at a profitable rate level of $20,000/day, exploiting the recent strength of the market both in terms of charter level and charter duration. This charter is expected to contribute about $9 million of EBITDA for the minimum contracted period; it increases our 2024 charter coverage to about 74%. We are hopeful that we will be able to continue capitalizing on the current strength of the market for chartering our few vessels that come open within the next quarter including the three 1,800 teu vessels that will be delivered during this period. Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name Type Dwt TEU

View Full Filing

View this 6-K filing on SEC EDGAR