Euroseas Secures 3-Year Charters for New Containerships

TL;DR

Euroseas locked in 3-year charters for 3 new ships starting Q1 2025.

AI Summary

Euroseas Ltd. announced on October 21, 2024, that it has secured three-year charter contracts for three newbuilding feeder containerships: M/V Tender Soul, M/V Dear Panel, and M/V Symeon P. These vessels are expected to commence their charters in the first quarter of 2025.

Why It Matters

This secures revenue streams for Euroseas' new vessels, providing financial stability and demonstrating market demand for their eco-friendly containerships.

Risk Assessment

Risk Level: low — The filing reports on secured charter contracts, which reduces uncertainty and indicates stable future revenue.

Key Numbers

• 3 — Newbuilding Containerships (Vessels secured with new charter contracts)
• 3-year — Charter Contracts (Duration of the secured contracts)

Key Players & Entities

• Euroseas Ltd. (company) — Registrant and issuer of the press release
• M/V Tender Soul (company) — One of the newbuilding containerships
• M/V Dear Panel (company) — One of the newbuilding containerships
• M/V Symeon P (company) — One of the newbuilding containerships
• October 21, 2024 (date) — Date of the press release
• first quarter of 2025 (date) — Expected commencement of charters

FAQ

Key Financial Figures

• $32,000 — ption of the charter at a gross rate of $32,000 per day. Specifically: M/V Tender S
• $79 million — arters are expected to contribute about $79 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
• $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 — 24 TC until Dec-24 then until Oct-27 $17,000 $32,000(**) LEONIDAS Z (*) Feeder
• $20,000 — 37,237 2,800 2024 TC until Mar-26 $20,000 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

Filing Documents

• f102224esea6k.htm (6-K) — 59KB
• f102224esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000047.txt ( ) — 116KB

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 22, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces 3-year Charter Contracts for Three Eco 2,800 teu Feeder Containership Newbuildings, M/V Tender Soul, M/V Dear Panel and M/V Symeon P Maroussi, Athens, Greece October 21, 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 new time charter contracts for three fuel efficient 2,800 teu feeder containerships. All three charters are for a minimum period of 34 months and a maximum period of 36 months at the option of the charter at a gross rate of $32,000 per day. Specifically: M/V Tender Soul, which was delivered earlier this year, will commence its charter after the completion of her present charter in early December 2024. M/V Dear Panel and M/V Symeon P, which are currently under construction, and represent the last two of the Companys nine-vessel newbuilding program, will commence their charters upon delivery from the shipyard, expected in the first week of January 2025. Aristides Pittas, Chairman and CEO of Euroseas commented: We are very pleased to announce new time charter contracts for three of our modern 2,800 teu vessels M/V Tender Soul and the last two upcoming newbuildings, MV/ Dear Panel and M/V Symeon P with a top-tier charterer for 34-36 months at a very profitable rate of $32,000/day/vessel. This en-bloc deal underscores the charterers sustained interest and need to invest in high-spec, eco-friendly vessels. The 3-year duration also emphasizes their long-term view in the resilience of the market, especially, the feeder containership segment, and the fact that

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View this 6-K filing on SEC EDGAR