Euroseas Secures 18-Month Charter for EM Spetses

TL;DR

Euroseas just locked in an 18-month charter for the EM Spetses, bringing in $14.4M!

AI Summary

Euroseas Ltd. announced on July 23, 2024, that it has entered into an 18-month charter contract for its feeder containership, the M/V EM Spetses. The contract is with an unaffiliated third-party charterer and is expected to commence on or around August 1, 2024. This agreement is projected to generate approximately $14.4 million in revenue over its term.

Why It Matters

This charter contract provides Euroseas with a stable revenue stream for the EM Spetses, contributing to its financial performance and demonstrating ongoing demand for its fleet.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a charter contract, which is a standard business operation for a shipping company.

Key Numbers

• $14.4M — Revenue (Projected revenue from the 18-month charter of the M/V EM Spetses.)
• 18-month — Charter Duration (Length of the contract for the M/V EM Spetses.)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant and issuer of the announcement
• M/V EM Spetses (company) — Feeder containership subject to the charter contract
• July 23, 2024 (date) — Date of the press release and announcement
• August 1, 2024 (date) — Expected commencement date of the charter contract
• $14.4 million (dollar_amount) — Total revenue expected from the charter contract
• 18-month (duration) — Term of the charter contract

FAQ

Key Financial Figures

• $18,100 — the charterer, at a gross daily rate of $18,100. The charter for EM Spetses will commen
• $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 PEPI STAR(*)(**) Feeder 22,262 1,8
• $24,250 — 22,262 1,800 2024 TC until Jun-26 $24,250 EVRIDIKI G(*) Feeder 34,677 2,556
• $40,000 — 34,677 2,556 2001 TC until Feb-25 $40,000 EM CORFU(*) Feeder 34,654 2,556
• $27,000 M — 30,360 2,008 1998 TC until Oct-24 $27,000 MONICA(*) Feeder 22,262 1,800 2024 T

Filing Documents

• f72324esea6k.htm (6-K) — 57KB
• f72324esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000037.txt ( ) — 114KB

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 23, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces 18-month Charter Contract for its Feeder Containership, EM Spetses Maroussi, Athens, Greece July 23, 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 1,740 feeder containership, EM Spetses, for a minimum period of 18 to a maximum period of 20 months at the option of the charterer, at a gross daily rate of $18,100. The charter for EM Spetses will commence in early August 2024, upon the completion of its current charter. Aristides Pittas, Chairman and CEO of Euroseas commented: We are pleased to announce that we have chartered our EM Spetses for 18 months with a top-class charterer, at a profitable rate of $18,100/day. Despite the usual summer slowdown, this fixture is a testament to the firmness of the market, with underlying demand/market fundamentals remaining quite strong. This charter is expected to contribute about 5.5 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to 94%; it also increases our charter coverage for 2025 to about 44%. Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name Type Dwt TEU Year Built Employment TCE Rate ($/day) Container Carriers MARCOS V(*) Intermediate 72,968 6,350 2005 TC until Dec-24 $42,200 TC until Aug-25 $15,000 SYNERGY BUSAN(+) Intermediate 50,726 4,253 2009 TC until Dec-24 $25,000 SYNERGY ANTWERP(*) Intermediate 50,726 4,253 2008 TC until Mar-25 $26,500(**) SYNERGY OAKLAND(*) Intermediat

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