Euroseas Ltd. Secures 1-Year Charter for M/V Jonathan P

TL;DR

Euroseas just inked a year-long charter for the M/V Jonathan P, starting next month. Good news for revenue!

AI Summary

Euroseas Ltd. announced on October 7, 2024, a one-year charter contract for its feeder containership, the M/V Jonathan P. The contract is with an unaffiliated third party and is expected to commence in early November 2024.

Why It Matters

This charter agreement provides Euroseas with a predictable revenue stream for its vessel over the next year, contributing to its financial stability.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a standard charter contract, posing no immediate new risks.

Key Players & Entities

• Euroseas Ltd. (company) — Registrant and issuer of the announcement.
• M/V Jonathan P (company) — The specific vessel chartered.
• October 7, 2024 (date) — Date of the press release and filing.
• early November 2024 (date) — Expected commencement date of the charter.

FAQ

Key Financial Figures

• $20,000 — the charterer, at a gross daily rate of $20,000. The new charter will commence after th
• $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
• $35,500 — il Dec-24 Then until Dec-27 $25,000 $35,500(***) SYNERGY ANTWERP(*) Intermediate
• $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
• $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
• $16,000 — 22,262 1,800 2024 TC until May-25 $16,000 STEPHANIA K(*) Feeder 22,262 1,80

Filing Documents

• f100724esea6k.htm (6-K) — 57KB
• f100724esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000046.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: October 7, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces 1-year Charter Contract for its Feeder Containership, M/V Jonathan P Maroussi, Athens, Greece October 7, 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 1,732 teu feeder containership, M/V Jonathan P, for a minimum period of 11 to a maximum period of 13 months at the option of the charterer, at a gross daily rate of $20,000. The new charter will commence after the completion of her scheduled intermediate survey, expected around mid-to-end of October 2024. Aristides Pittas, Chairman and CEO of Euroseas commented : We are pleased to announce that our 18-year-old M/V Jonathan P has been chartered with a top-class charterer for 11-13 months, at a profitable rate of $20,000/day. This fixture is a testament to the constant need for feeder ships, despite declining container freight rates. It also validates the component of our investment strategy of acquiring vessels with minimal or no residual value risk at the expiration of their initial charter, as was the case with M/V Jonathan P. The present charter is expected to contribute about 4.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 96%; it also increases our charter coverage for 2025 to about 52%. Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name Type Dwt TEU Year Built Employment TCE Rate ($/day) Container Carriers MARCOS V(*) Intermediate 72,968 6,350 2005 TC until Dec-24 $42,200 TC unti

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View this 6-K filing on SEC EDGAR