Euroseas Secures 3-Year Charter for M/V Synergy Busan

TL;DR

Euroseas just locked in $72.9M over 3 years for the M/V Synergy Busan starting next month. Solid contract.

AI Summary

Euroseas Ltd. announced on September 23, 2024, a new 3-year charter contract for its intermediate containership, the M/V Synergy Busan. The contract is with an unaffiliated third party and is expected to commence in early October 2024, generating approximately $72.9 million in revenue over its term.

Why It Matters

This new charter agreement provides Euroseas with a significant and stable revenue stream for a key asset, demonstrating continued demand for their containerships.

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

• $72.9M — Charter Revenue (Projected revenue from the 3-year charter of M/V Synergy Busan.)
• 3-year — Charter Duration (Length of the contract for the M/V Synergy Busan.)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant
• M/V Synergy Busan (company) — Containership
• September 23, 2024 (date) — Announcement Date
• early October 2024 (date) — Charter Commencement
• $72.9 million (dollar_amount) — Total Revenue from Charter

FAQ

Key Financial Figures

• $35,500 — the charterer, at a gross daily rate of $35,500. The new charter will commence in early
• $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
• $25,000 — 09 TC until Dec-24 Then until Dec-27 $25,000 $35,500(***) SYNERGY ANTWERP(*) Int
• $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 1,800
• $24,250 — 22,262 1,800 2024 TC until Jun-26 $24,250(**) EVRIDIKI G(*) Feeder 34,677 2,
• $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

• f92424esea6k.htm (6-K) — 57KB
• f92424esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000044.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: September 24, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces 3-year Charter Contract for its Intermediate Containership, M/V Synergy Busan Maroussi, Athens, Greece September 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 time charter contract for its 4,250 teu intermediate containership, M/V Synergy Busan, for a minimum period of 36 to a maximum period of 38 months at the option of the charterer, at a gross daily rate of $35,500. The new charter will commence in early December 2024, in direct continuation of its existing charter. Aristides Pittas, Chairman and CEO of Euroseas commented : We are very pleased to announce that M/V Synergy Busan has extended its charter contract with a top-class charterer for 36-38 months, at a profitable rate of $35,500/day. This fixture, a strong increase compared to last-done, demonstrates that activity is starting to pick up again and charter market terms remain at very healthy and firm levels. It also seems to indicate that our investment decision to retrofit the vessel with energy saving devices (ESDs), installed during the ships drydock last year, is appreciated by the market and paying off. This charter is expected to contribute in excess of about 29.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 95%; it also increases our charter coverage for 2025 to about 50%. Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name Type Dwt TEU Year Built Employment TCE Rate ($/day) Container Carriers MAR

View Full Filing

View this 6-K filing on SEC EDGAR