Euroseas Ltd. Charters Vessel, Spins Off Older Fleet

TL;DR

Euroseas charters out M/V Aegean Express and spins off 3 older ships into a new company.

AI Summary

Euroseas Ltd. announced on January 3, 2025, that it has entered into a time charter agreement for its containership M/V Aegean Express. Additionally, the company is spinning off its three older vessels into a separate entity, aiming to enhance shareholder value and focus on its larger, more modern fleet.

Why It Matters

This strategic move allows Euroseas to optimize its fleet by chartering out an older vessel and separating its less modern assets, potentially improving operational efficiency and financial performance.

Risk Assessment

Risk Level: medium — Spinning off assets and chartering older vessels can introduce operational and market risks, while the success of the new entity is yet to be determined.

Key Players & Entities

• Euroseas Ltd. (company) — Registrant and issuer of the announcement
• M/V Aegean Express (company) — Containership subject to a new time charter
• January 3, 2025 (date) — Date of the press release and announcement
• Aristides Pittas (person) — Chairman and CEO of Euroseas Ltd.

FAQ

Key Financial Figures

• $16,700 — um period of twelve months at a rate of $16,700 per day. Spin-off of its Older Three V
• $19,000 — , then until Sep-26, then until Nov-26 $19,000 $9,500 $16,500 AEGEAN EXPRESS(*) Fe
• $9,500 — til Sep-26, then until Nov-26 $19,000 $9,500 $16,500 AEGEAN EXPRESS(*) Feeder 18
• $16,500 — 26, then until Nov-26 $19,000 $9,500 $16,500 AEGEAN EXPRESS(*) Feeder 18,581 1,4
• $15,000 — 72,968 6,350 2005 TC until Aug-25 $15,000 SYNERGY BUSAN(*) Intermediate 50,726
• $35,500 — 50,726 4,253 2009 TC until Dec-27 $35,500 SYNERGY ANTWERP(*) Intermediate 50,7
• $26,500 — 50,726 4,253 2008 TC until Mar-25 $26,500 SYNERGY OAKLAND (*) Intermediate 50
• $42,000 — 50,787 4,253 2009 TC until May-26 $42,000 SYNERGY KEELUNG(*) Intermediate 50,9
• $23,000 — 50,969 4,253 2009 TC until Apr-25 $23,000 EMMANUEL P(*) Intermediate 50,796 4
• $21,000 — 50,796 4,250 2005 TC until Apr-25 $21,000 RENA P(*) Intermediate 50,796 4,250
• $48,000 — 37,237 2,800 2023 TC until Apr-26 $48,000 TERATAKI(*) Feeder 37,237 2,800 20
• $32,000 — 37,237 2,800 2024 TC until Oct-27 $32,000 LEONIDAS Z(*) Feeder 37,237 2,800
• $20,000 — 37,237 2,800 2024 TC until Mar-26 $20,000 EVRIDIKI G(*) Feeder 34,677 2,556
• $40,000 — 01 TC until Feb-25 then until Apr-26 $40,000 $29,500 EM CORFU(*) Feeder 34,654
• $29,500 — til Feb-25 then until Apr-26 $40,000 $29,500 EM CORFU(*) Feeder 34,654 2,556 2

Filing Documents

• f10325esea6k.htm (6-K) — 70KB
• f10325esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-25-000001.txt ( ) — 128KB

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: January 3, 2025 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Announces Time Charter for its Older Containership, M/V Aegean Express, and Spin-off of its Older Three Vessels into a Separate Company Maroussi, Athens, Greece January 3, 2025 Euroseas Ltd. (NASDAQ: ESEA) (Euroseas or the Company), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, made today the following announcements: Time Charter for its Older Containership, M/V Aegean Express Euroseas announced today a new charter for its older and smaller feeder containership, M/V Aegean Express. Specifically, the charter of M/V Aegean Express has been extended in direct continuation of its existing charter for a minimum period of ten months and a maximum period of twelve months at a rate of $16,700 per day. Spin-off of its Older Three Vessels into a Separate Company The Company also announced its intent to spin-off the Companys older three vessels, M/V Aegean Express, M/V Diamantis P and M/V Joanna, into a separate company, Euroholdings Ltd. (Euroholdings), which has applied for listing on the NASDAQ Capital Market. The Company will contribute the three vessels to Euroholdings in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders. There can be no assurance that the spin-off transaction will ultimately occur or, if it does occur, what its structure, terms or timing will be. The Company has scheduled a conference call to discuss the spin-off on January 7, 2025, at 9:00 a.m. EST. Please find conference call and webcast information further in the press release. Aristides Pittas, Chairman and CEO of Euroseas commented : W

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View this 6-K filing on SEC EDGAR