Euroseas Ltd. Announces a $19,000 per day Three-Year Charter for its 3,100 teu, 2007-built Vessel, M/V EM Kea and $15,000 per day One-Year Charter for its 1,740 teu, 2005-built Vessel, M/V EM Hydra
April 26 2023 - 4:05PM
Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner
and operator of container vessels and provider of seaborne
transportation for containerized cargoes, announced today charter
extensions for its container vessels, M/V Kea and MV Hydra.
Specifically:
-
M/V EM Kea, a 3,100 TEU vessel built in 2007, entered into a time
charter contract extension for a period of thirty-six months, at a
gross daily rate of $19,000. The new charter will commence in June
2023 immediately following the completion of its current
charter.
-
M/V EM Hydra, a 1,740 TEU vessel built in 2005, entered into a new
time charter contract extension for a period of between a minimum
of twelve and a maximum of fifteen months at the option of the
charterer, at a gross daily rate of $15,000. The new charter will
commence in May 2023 immediately following the completion of its
current charter.
Aristides Pittas, Chairman and CEO of
Euroseas commented: “We are pleased to announce these two
new charters which reflect the recent strengthening of the feeder
containership markets and bring our charter coverage over the next
12 months in the range of 85-90%. It is noteworthy that the recent
strengthening of the market for some segments has been in the range
of 15-20% from the market turning point observed about 3 months
ago. Especially for our M/V Kea, the three-year charter we
concluded at $19,000/day is higher than our previously expected
level for the vessel. The two vessels combined secure in excess of
$24m of net charter revenues and contribute in excess of $13m of
EBITDA during the period of the charter extensions.”
Fleet Profile:
After the new charter arrangements of M/V EM Hydra and M/V EM
Kea, the Euroseas Ltd. fleet and employment profile will be as
follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
ContainerCarriers |
|
|
|
|
|
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24 |
$42,200 |
plus 12 months option |
option $15,000 |
SYNERGY KEELUNG(*) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until Apr-23 |
$14,500 |
TC until Apr-25 |
$23,000 |
SYNERGY OAKLAND(*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until May-26 |
$42,000 |
SYNERGY BUSAN(*) |
Intermediate |
50,726 |
4,253 |
2009 |
TC until Aug-24 |
$25,000 |
SYNERGY ANTWERP(+) |
Intermediate |
50,726 |
4,253 |
2008 |
TC until Dec-23 |
$18,000 |
RENA P (ex-SEASPAN MANILA)(*) |
Intermediate |
50,796 |
4,250 |
2007 |
TC until April-24 |
$20,250 then |
Then until Feb 25 |
CONTEX(**) with $13,000 floor and $21,000 ceiling |
EMMANUEL P (ex-SEASPAN MELBOURNE) (*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Mar-25 |
$19,000 |
EM KEA(*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-23 |
$22,000 |
TC until May-26 |
$19,000 |
GREGOS (*) |
Feeder |
37,237 |
2,800 |
2023 |
TC until Apr-26 |
$48,000 |
EM ASTORIA(*) |
Feeder |
35,600 |
2,788 |
2004 |
TC until Feb-24 |
$50,000 |
then until Feb-25 |
$20,000 |
EVRIDIKI G(*) |
Feeder |
34,677 |
2,556 |
2001 |
TC until Feb-25 |
$40,000 |
EM CORFU(*) |
Feeder |
34,654 |
2,556 |
2001 |
TC until Feb-25 |
$40,000 |
DIAMANTIS P(*) |
Feeder |
30,360 |
2,008 |
1998 |
TC until Oct-24 |
$27,000 |
EM SPETSES(*) |
Feeder |
23,224 |
1,740 |
2007 |
TC until Aug-24 |
$29,500 |
JONATHAN P (*) |
Feeder |
23,357 |
1,740 |
2006 |
TC until Sep-24 |
$26,662(***) |
EM HYDRA(*) |
Feeder |
23,351 |
1,740 |
2005 |
TC until Apr-23 |
$20,000 |
TC until Apr-24 |
$15,000 |
JOANNA(*) |
Feeder |
22,301 |
1,732 |
1999 |
TC until May-23 |
$14,500 |
AEGEAN EXPRESS(*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Aug-23 |
$13,000 |
Total Container Carriers |
18 |
703,275 |
56,061 |
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
Jun-23 |
TC until June-26 |
$48,000 |
TENDER SOUL |
Feeder |
37,237 |
2,800 |
Q4 2023 |
|
|
LEONIDAS Z |
Feeder |
37,237 |
2,800 |
Q1 2024 |
|
|
MONICA |
Feeder |
22,262 |
1,800 |
Q1 2024 |
|
|
STEPHANIA K |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
PEPI STAR |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
DEAR PANEL |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
SYMEON P |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
Total under construction |
8 |
252,971 |
19,400 |
|
|
|
Notes:
(*) |
TC denotes time charter. All dates listed are the earliest
redelivery dates under each time charter unless the contract rate
is lower than the current market rate in which cases the latest
redelivery date is assumed; vessels with the latest redelivery date
shown are marked by (+). |
(**) |
The CONTEX (Container Ship Time Charter Assessment Index) has been
published by the Hamburg and Bremen Shipbrokers' Association (VHBS)
since October 2007. The CONTEX is a company-independent index of
time charter rates for container ships. It is based on assessments
of the current day charter rates of six selected container ship
types, which are representative of their size categories: Type
1,100 TEU and Type 1,700 TEU with a charter period of one year, and
the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter
period of two years. |
(***) |
Rate is net of commissions (commissions are typically 5-6.25%) |
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under
the laws of the Republic of the Marshall Islands to consolidate the
ship owning interests of the Pittas family of Athens, Greece, which
has been in the shipping business over the past 140 years. Euroseas
trades on the NASDAQ Capital Market under the ticker
ESEA. Euroseas operates in the container shipping market.
Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008
and ISO 14001:2004 certified affiliated ship management company,
which is responsible for the day-to-day commercial and technical
management and operations of the vessels. Euroseas employs its
vessels on spot and period charters and through pool
arrangements.
The Company has a fleet of 18 vessels, including
11 Feeder and 7 Intermediate containerships. Euroseas 18
containerships have a cargo capacity of 56,061 teu. On a
fully-delivered basis of its vessels under construction, the
Company’s fleet will increase to 26 containerships with a cargo
capacity of about 75,461 teu
Forward Looking StatementThis
press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and the Company's growth strategy and measures to
implement such strategy; including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to changes in the demand
for containerships, competitive factors in the market in which the
Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is
based.
Visit our website www.euroseas.gr
Company
Contact |
Investor Relations /
Financial Media |
Tasos AslidisChief Financial
OfficerEuroseas Ltd.11 Canterbury Lane,Watchung, NJ 07069Tel. (908)
301-9091E-mail: aha@euroseas.gr |
Nicolas BornozisMarkella
KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York, NY
10169Tel. (212) 661-7566E-mail: euroseas@capitallink.com |
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