Euroseas Secures Charter for M/V Synergy Antwerp

TL;DR

Euroseas lands 1-year charter for M/V Synergy Antwerp after retrofits.

AI Summary

Euroseas Ltd. announced on April 2, 2024, that it has entered into a one-year time charter contract for its intermediate containership, the M/V Synergy Antwerp. The company also completed retrofits on the vessel, which are expected to reduce its fuel consumption and carbon emissions.

Why It Matters

This charter agreement provides Euroseas with a stable revenue stream for the M/V Synergy Antwerp, while the completed retrofits are expected to improve the vessel's environmental performance and operational efficiency.

Risk Assessment

Risk Level: low — The filing is a routine 6-K report announcing a standard time charter contract and vessel retrofits, with no immediate financial or operational risks indicated.

Key Players & Entities

• Euroseas Ltd. (company) — Registrant
• M/V Synergy Antwerp (company) — Intermediate Containership
• April 2, 2024 (date) — Announcement Date

FAQ

Key Financial Figures

• $26,500 — the charterer, at a gross daily rate of $26,500. The charter commenced on April 2, 2024
• $6.5 million — els; it is expected to contribute about $6.5 million of EBITDA over the minimum contracted p
• $42,200 — 72,968 6,350 2005 TC until Dec-24 $42,200 TC until Aug-25 $15,000 SYNERGY BU
• $15,000 — ntil Dec-24 $42,200 TC until Aug-25 $15,000 SYNERGY BUSAN(*) Intermediate 50,72
• $25,000 — 50,726 4,253 2009 TC until Aug-24 $25,000 SYNERGY ANTWERP(*) Intermediate 50,
• $42,000 — 50,787 4,253 2009 TC until May-26 $42,000 SYNERGY KEELUNG(*) Intermediate 50,
• $23,000 — 50,969 4,253 2009 TC until Apr-25 $23,000 EMMANUEL P(*) Intermediate 50,796
• $21,000 — 50,796 4,250 2005 TC until Apr-25 $21,000 RENA P(*) Intermediate 50,796 4,25
• $19,000 — 42,165 3,100 2007 TC until May-26 $19,000 GREGOS(*) Feeder 37,237 2,800 202
• $48,000 — 37,237 2,800 2023 TC until Apr-26 $48,000 TERATAKI(*) Feeder 37,237 2,800 2
• $17,000 — 37,237 2,800 2024 TC unitl Oct-24 $17,000 EM ASTORIA (+) Feeder 35,600 2,788
• $20,000 — 35,600 2,788 2004 TC until Feb-25 $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
• $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

• f40224esea6k.htm (6-K) — 60KB
• f40224esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000016.txt ( ) — 117KB

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: April 2, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces One-Year Time Charter Contract and Completion of Retrofits for its Intermediate Containership, M/V Synergy Antwerp Maroussi, Athens, Greece April 2, 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 a time charter contract for its 4,250 teu intermediate containership, M/V Synergy Antwerp, for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500. The charter commenced on April 2, 2024, after the vessel successfully completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of energy saving devices. The latter are expected to improve her consumption in the commercial speed range by about 25%. On that basis, the vessel will emit about 9,800 metric tons of CO 2 less per annum. The following retrofits and energy saving devices were installed on the ship: (a) New bulbous bow (b) A new and lighter propeller (c) Hub vortex absorbed fins (HVAF) (d) Pre-shrouded vanes (PSV) (e) Silicone coating of the ships underwater parts (f) LED lights (g) Auto pilot upgrade with advanced ecology control (h) Jacket pre-heater auto control Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that M/V Synergy Antwerp was chartered for about a year to a top-tier charterer at a very profitable rate of $26,500/day, following the completion of its drydock and retrofits. The charter rate represents a strong increase compared to l

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View this 6-K filing on SEC EDGAR