Euroseas Secures Charter for M/V Monica, Finances Two Vessels

TL;DR

Euroseas locked in a charter for a new ship and got financing for two - good news for revenue.

AI Summary

Euroseas Ltd. announced on May 8, 2024, a new time charter contract for its fuel-efficient 1,800 teu containership newbuilding, the M/V Monica. The company also secured financing for the M/V Monica and another vessel, the M/V Stefania K. Aristides Pittas, Chairman and CEO, commented on the positive development.

Why It Matters

This filing indicates Euroseas is expanding its fleet and securing revenue streams through new charter agreements, potentially boosting future earnings.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a new charter and financing, with no immediate negative financial implications.

Key Numbers

• 1,800 teu — Containership Size (Capacity of the M/V Monica newbuilding)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant
• M/V Monica (company) — Newbuilding containership
• M/V Stefania K (company) — Vessel being financed
• Aristides Pittas (person) — Chairman and CEO of Euroseas Ltd.
• May 8, 2024 (date) — Date of press release

FAQ

Key Financial Figures

• $16,000 — the charterer, at a gross daily rate of $16,000. The new charter will commence upon del
• $22.5 million — with a combination of own funds and a US$22.5 million loan provided by the National Bank of F
• $2.7 million — charter is expected to contribute about $2.7 million of EBITDA for the minimum contracted pe
• $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 LEONIDAS Z (*) Feeder 37,237 2,800
• $20,000 — 37,237 2,800 2024 TC until Mar-26 $20,000 EM ASTORIA (+)(****) Feeder 35,600
• $40,000 — 34,677 2,556 2001 TC until Feb-25 $40,000 EM CORFU(*) Feeder 34,654 2,556

Filing Documents

• f50824esea6k.htm (6-K) — 60KB
• f50824esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000024.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: May 8, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 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 Maroussi, Athens, Greece May 8, 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 Monica, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 10 to a maximum period of 12 months at the option of the charterer, at a gross daily rate of $16,000. The new charter will commence upon delivery of the vessel from the shipyard expected around mid-May 2024. The acquisition was financed with a combination of own funds and a US$22.5 million loan provided by the National Bank of Fujairah. The same financing is secured for the sister ship M/V Stefania K, which is expected to be delivered in mid-June. Aristides Pittas, Chairman and CEO of Euroseas, commented: We are pleased to announce that we have chartered our upcoming newbuilding vessel, the fifth in a series of nine and first of our three 1,800 teu units, with one of the largest liner companies, at a profitable rate level of $16,000/day. This charter is expected to contribute about $2.7 million of EBITDA for the minimum contracted period; it increases our 2024 charter coverage to over 85%. We are also pleased to have started a cooperation with the National Bank of Fujairah, as part of our strategy of diversifying our debt financing sources and expanding our relationships with commerc

View Full Filing

View this 6-K filing on SEC EDGAR