Euroseas Secures Charter for New Containership

TL;DR

Euroseas lands charter for new 1,800 teu ship, Stephania K., starting Q4 2024.

AI Summary

Euroseas Ltd. announced on June 10, 2024, a new time charter contract for its fuel-efficient 1,800 teu containership newbuilding, the M/V Stephania K. The contract is with an unnamed charterer and is set to commence upon the vessel's delivery in the fourth quarter of 2024.

Why It Matters

This new charter agreement for the M/V Stephania K. is expected to generate revenue for Euroseas Ltd. starting in late 2024, contributing to the company's financial performance.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a new charter agreement, with no immediate financial distress or significant negative events reported.

Key Numbers

• 1,800 teu — Vessel Capacity (Specifies the size of the new containership, M/V Stephania K.)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant and issuer of the announcement
• M/V Stephania K. (company) — The specific vessel involved in the charter contract
• June 10, 2024 (date) — Date of the press release and filing
• fourth quarter of 2024 (date) — Expected delivery and commencement of the charter

FAQ

Key Financial Figures

• $22,000 — the charterer, at a gross daily rate of $22,000. 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
• $16,000 — e for its sister vessel, M/V Monica, at $16,000 for 12 months only a month ago. The pre
• $11.0 million — charter is expected to contribute about $11.0 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

Filing Documents

• f61024esea6k.htm (6-K) — 58KB
• f61024esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000030.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: June 10, 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 Stephania K Maroussi, Athens, Greece June 10, 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 Stephania K, a newbuilding fuel efficient 1,800 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 $22,000. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on June 28, 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. Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that we have chartered our upcoming newbuilding vessel, the sixth in a series of nine and second of our three 1,800 teu units, with one of the largest liner companies, at a profitable rate level of $22,000/day for a period of two years. This charter represents a significant improvement compared to recent fixtures, both in terms of rate and duration, as evidenced by our own fixture for its sister vessel, M/V Monica, at $16,000 for 12 months only a month ago. The present charter is expected to contribute about $11.0 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 90%. Fleet Profile: The Euroseas Ltd. fleet profile after the charter

View Full Filing

View this 6-K filing on SEC EDGAR