Euroseas Secures Charter, Sells Older Vessel

TL;DR

Euroseas inked a new charter for EM Hydra and is selling the EM Astoria.

AI Summary

Euroseas Ltd. announced on April 18, 2024, a new time charter contract for its feeder containership, M/V EM Hydra. Additionally, the company has agreed to sell its 2004-built feeder containership, EM Astoria, which has a capacity of 2,788 TEU.

Why It Matters

This filing indicates Euroseas is actively managing its fleet by securing new charters for operational vessels and divesting older assets, potentially improving fleet efficiency and cash flow.

Risk Assessment

Risk Level: low — The filing reports routine fleet management activities like chartering and vessel sales, which are standard operational updates.

Key Numbers

• 2,788 TEU — EM Astoria Capacity (Capacity of the vessel being sold)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant
• M/V EM Hydra (company) — Feeder Containership
• EM Astoria (company) — Feeder Containership
• April 18, 2024 (date) — Announcement Date

FAQ

Key Financial Figures

• $13,000 — the charterer, at a gross daily rate of $13,000 in direct continuation of its existing
• $10 million — essel, built in 2004, for approximately $10 million. The vessel is expected to be delivered
• $1.5 million — ket. It is expected to contribute about $1.5 million of EBITDA over the minimum contracted p
• $5.5 million — ect to book a gain on sale of more than $5.5 million or about $0.80/share. Fleet Profile:
• $0.80 — sale of more than $5.5 million or about $0.80/share. Fleet Profile: The Euroseas L
• $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,
• $26,500 — 50,726 4,253 2008 TC until Mar-25 $26,500(**) SYNERGY OAKLAND(*) Intermediate
• $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 until Oct-24 $17,000 EM ASTORIA (+)(****) Feeder 35,600

Filing Documents

• f41824esea6k.htm (6-K) — 58KB
• f41824esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000018.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: April 18, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces A Time Charter Contract for its Feeder Containership, M/V EM Hydra, and An Agreement To Sell its 2004-built 2,788 teu Feeder Containership, EM Astoria Maroussi, Athens, Greece April 18, 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 1,740 teu feeder containership, M/V EM Hydra, for a minimum period of ten to a maximum period of twelve months at the option of the charterer, at a gross daily rate of $13,000 in direct continuation of its existing charter. The Company also announced that it has signed a memorandum of agreement to sell M/V EM Astoria, a 2,788 teu feeder containership vessel, built in 2004, for approximately $10 million. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by the end of June 2024. Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that M/V EM Hydra extended its charter in direct continuation of its present charter contract for 10-12 months at a profitable rate of $13,000/day in line with the market. It is expected to contribute about $1.5 million of EBITDA over the minimum contracted period, increasing our 2024 charter coverage to almost 85%. We are also pleased to announce our agreement to sell our M/V EM Astoria, after reaching a mutual agreement with the charterers to terminate its charter about eight months early. This sale capitalizes on the current relatively stronger vessel values and saves the Company the cost of the upcoming special su

View Full Filing

View this 6-K filing on SEC EDGAR