Euroseas Ltd. Secures Charter for New Containership

TL;DR

Euroseas lands charter for new 1,800 teu ship, M/V Pepi Star, starting Q3 2024.

AI Summary

Euroseas Ltd. announced on June 18, 2024, that it has entered into a time charter contract for its third fuel-efficient 1,800 teu feeder containership newbuilding, the M/V Pepi Star. The vessel is scheduled to commence its charter in the third quarter of 2024, with a charter duration of approximately 12 to 15 months.

Why It Matters

This new charter agreement for the M/V Pepi Star indicates continued demand for fuel-efficient vessels in the containership market, potentially boosting Euroseas' revenue and profitability.

Risk Assessment

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

Key Numbers

• 1,800 teu — Feeder Containership Capacity (Specifies the size of the newbuilding vessel, M/V Pepi Star.)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant and issuer of the announcement
• M/V Pepi Star (company) — Name of the new containership
• June 18, 2024 (date) — Date of the press release and filing

FAQ

Key Financial Figures

• $24,250 — the charterer, at a gross daily rate of $24,250. The new charter will commence upon del
• $22,000 — its sister vessel, M/V Stephania K, at $22,000 just a week ago, a clear indication of
• $12.3 million — charter is expected to contribute about $12.3 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 Dec-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 Dec-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

• f61824esea6k.htm (6-K) — 58KB
• f61824esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000031.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 18, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces Time Charter Contract for its third Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Pepi Star Maroussi, Athens, Greece June 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 it has entered into a time charter contract for M/V Pepi Star, 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 $24,250. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on or about July 19, 2024. The acquisition was financed with a combination of debt and equity. Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that we have chartered our upcoming newbuilding vessel, the seventh in a series of nine and last of our three 1,800 teu units, with a top-tier liner company, at a profitable rate level of $24,250/day for a period of two years. This rate represents a 10% increase compared to our fixture of its sister vessel, M/V Stephania K, at $22,000 just a week ago, a clear indication of the continuously strengthening rates of the containership charter market during the last months. The present charter is expected to contribute about $12.3 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 91%. Fleet Profile: The Euroseas Ltd. fleet profile after the charter of M/V Pepi Star is as follows: Name Ty

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View this 6-K filing on SEC EDGAR