Euroseas Ltd. Announces New Charter For Its 1,439 teu, 1997-built vessel, M/V “Aegean Express”
February 23 2022 - 8:00AM
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 a new
charter of its container vessel M/V “Aegean Express”.
Specifically:
-
M/V “Aegean Express”, a 1,439 TEU vessel built in 1997, entered
into a new time charter contract for a period of between a minimum
of thirty-six and a maximum of thirty-nine months at the option of
the charterer, at a gross daily rate of $41,000. The new charter
will commence in early April 2022, in direct continuation of the
present charter of the vessel.
Aristides Pittas, Chairman and CEO of
Euroseas commented: “We are very pleased to announce a
three-year charter contract for our vessel M/V Aegean Express, the
oldest and smallest in our fleet, at a charter rate of $41,000 per
day. This contract increases our charter coverage for 2022 to about
96% and our charter coverage for 2023 and 2024 to about 67% and
45%, respectively. The daily rate of this charter is near the
highest rate levels achieved by any vessel in our fleet for a
three-year contract and highlights the strength of the
containership markets. Over the period of this charter, M/V Aegean
Express is expected to contribute in excess of $32m of
EBITDA.”
Fleet Profile:
After the new charter arrangements of M/V “Aegean Express”, the
Euroseas Ltd. fleet and employment profile will be as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
Container Carriers |
|
|
|
|
|
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24plus 12 monthsoption |
$42,200option $15,000 |
AKINADA BRIDGE (*) |
Intermediate |
71,366 |
5,610 |
2001 |
TC until Oct-22 |
$20,000 |
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 |
SYNERGY OAKLAND (*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until Apr-22then until Mar-26 |
$160,000 (***)$42,000 |
SYNERGY KEELUNG (+) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until Jun-22 TC until Feb-23 |
$11,750$14,500 |
EM KEA (*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-23 |
$22,000 |
EM ASTORIA (+) |
Feeder |
35,600 |
2,788 |
2004 |
TC until Feb-22then until Feb-23then until Feb-24then until
Feb-25 |
$18,650$65,000$50,000$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 |
23,351 |
1,740 |
2006 |
TC until Sep-24 |
$26,662(**) |
EM HYDRA (*) |
Feeder |
23,351 |
1,740 |
2005 |
TC until Apr-23 |
$20,000 |
JOANNA (*) |
Feeder |
22,301 |
1,732 |
1999 |
TC until Oct-22 |
$16,800 |
AEGEAN EXPRESS (*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Mar-22TC until Apr-25 |
$11,500$41,000 |
Total Container Carriers |
16 |
635,806 |
50,371 |
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
H4201 |
Feeder |
37,237 |
2,800 |
Q1 2023 |
H4202 |
Feeder |
37,237 |
2,800 |
Q2 2023 |
H4236 |
Feeder |
37,237 |
2,800 |
Q4 2023 |
H4237 |
Feeder |
37,237 |
2,800 |
Q1 2024 |
Notes: (*) TC denotes
time charter. Charter duration indicates the earliest redelivery
date; all dates listed are the earliest redelivery dates under each
TC 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 (+). (**)
Rate is net of commissions (which are typically
5-6.25%)(***) The previous charter of M/V
Synergy Oakland of $202,000/day exceeded its maximum duration by
about 25 days due to port delays with payment of the higher
($202,000/day) rate to the Company continuing during the extension.
However, the extension resulted in the loss of the subsequent short
term charter of $130,000/day that was to be performed before the
4-year charter starts. The vessel, after an idle period of 15 days,
was chartered for a single voyage charter at $160,000/day after the
completion of which it will commence the 4-yr charter; the new
charter arrangements will result in about the same average rate and
total revenues as the original arrangements.
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 16 vessels, including
10 Feeder and 6 Intermediate containerships with a cargo capacity
of 50,371 teu. After the delivery of four feeder containership
newbuildings in 2023 and the first half of 2024, Euroseas’ fleet
will consist of 20 vessels with a total carrying capacity of 61,571
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 1536New York, NY
10169Tel. (212) 661-7566E-mail: euroseas@capitallink.com |
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