Euroseas Secures 2-Year Charter for M/V Joanna

TL;DR

Euroseas locked in a 2-year charter for M/V Joanna at $27k/day, starting Aug '24.

AI Summary

Euroseas Ltd. announced on July 8, 2024, a two-year time charter contract for its feeder containership, the M/V Joanna, with a major liner company. The charter is expected to generate approximately $27,000 per day, commencing in early August 2024. The company also provided updates on other operational developments.

Why It Matters

This charter agreement provides Euroseas with a stable revenue stream for a significant period, demonstrating continued demand for their vessels in the current market.

Risk Assessment

Risk Level: low — The filing is a routine operational update and does not contain significant financial risk disclosures.

Key Numbers

• $27,000 — Daily Charter Rate (for M/V Joanna)
• 2-year — Charter Duration (for M/V Joanna)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant
• M/V Joanna (company) — Feeder Containership
• July 8, 2024 (date) — Announcement Date
• $27,000 (dollar_amount) — Daily Charter Rate
• early August 2024 (date) — Charter Commencement

FAQ

Key Financial Figures

• $16,500 — erer, at an average gross daily rate of $16,500. The charter for M/V Joanna will commen
• $22,000 — a 23 to 25 months charter at a rate of $22,000/day. In addition, the Company announce
• $10 m — , the vessel was sold for approximately $10 million, resulting in a gain on sale of m
• $5.5 million — esulting in a gain on sale of more than $5.5 million or about $0.80/share and having contrib
• $0.80 — sale of more than $5.5 million or about $0.80/share and having contributed to the Com
• $42.8 million — to the Company total earnings of about $42.8 million since its acquisition in 2017. Finally
• $11 million — charter is expected to contribute about $11 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

Filing Documents

• f70824esea6k.htm (6-K) — 59KB
• f70824esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000035.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: July 8, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces Two-Year Time Charter Contract for its Feeder Containership, M/V Joanna, and Other Operational Developments Maroussi, Athens, Greece July 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 a new time charter contract for its feeder containership, M/V Joanna, built in 1999 with capacity of 1732 teu, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at an average gross daily rate of $16,500. The charter for M/V Joanna will commence after the completion of her scheduled drydock, expected around end of October 2024. The Company also announced that on June 24, 2024, it took delivery of M/V Stephania K, its second fuel efficient 1,800 teu feeder containership newbuilding, from Hyundai Mipo Dockyard in South Korea. The vessel is equipped with a Tier III engine and other sustainability-linked features including installation of AMP (alternative maritime power). Following its delivery, M/V Stephania K commenced a 23 to 25 months charter at a rate of $22,000/day. In addition, the Company announced that its M/V EM Astoria, a 2,788 teu feeder containership vessel built in 2004, was successfully delivered to its new owners on June 26, 2024. As previously announced, the vessel was sold for approximately $10 million, resulting in a gain on sale of more than $5.5 million or about $0.80/share and having contributed to the Company total earnings of about $42.8 million since its acquisition in 2017. Finally, the Company announced today the release of i

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View this 6-K filing on SEC EDGAR