Euroseas Ltd. Announces Delivery of M/V Terataki, an Eco 2,800 teu Feeder Containership Newbuilding, and Commencement of the Vessel’s Charter
July 06 2023 - 4:05PM
Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container
vessels and provider of seaborne transportation for containerized
cargoes, announced today that on July 6, 2023, it has taken
delivery of its M/V Terataki, an Eco EEDI Phase 3, 2,800 teu feeder
containership newbuilding from Hyundai Mipo Dockyard Co. in South
Korea. The vessel is equipped with a Tier III engine and other
sustainability linked features including installation of AMP
(alternative maritime power). The acquisition was financed with a
combination of own funds and a sustainability-linked loan provided
by National Bank of Greece S.A. Following its delivery, M/V
Terataki commenced a thirty-six to forty months charter with Asyad
Lines.
Aristides Pittas, Chairman and CEO of
Euroseas commented: “We are very pleased to have
taken delivery of M/V Terataki, the second vessel from our
nine-vessel newbuilding program which includes four additional
2,800 teu and three 1,800 teu units, all modern fuel-efficient
eco-design vessels with Tier III engines. M/V Terataki has already
started a charter that is expected to contribute in excess of $42
million of EBITDA (or, about $6 of EBITDA per share) to the company
over its duration.
“Our newbuilding program is a component of our
strategy to grow our company by investing in modern, energy
efficient vessels with minimal carbon footprint. In that respect,
it is noteworthy that M/V Terataki and the rest of our newbuildings
are 40%+ more efficient than previous generation similar size
non-eco ships. We look forward to the delivery of the remaining of
our newbuildings and continue to monitor the markets to identify
accretive opportunities to take advantage of for the benefit of our
shareholders.”
Fleet Profile:
After the delivery of M/V Terataki, the Euroseas Ltd. fleet and
employment profile will be as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
Container Carriers |
|
|
|
|
|
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24 |
$42,200 |
plus 12 months option |
option $15,000 |
SYNERGY KEELUNG(*) |
Intermediate |
50,969 |
4,253 |
2009 |
|
|
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 (*) |
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 (*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Mar-25 |
$19,000 |
EM KEA(*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-26 |
$19,000 |
GREGOS (*) |
Feeder |
37,237 |
2,800 |
2023 |
TC until Apr-26 |
$48,000 |
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
2023 |
TC until Jul-26 |
$48,000 |
EM ASTORIA(*) |
Feeder |
35,600 |
2,788 |
2004 |
TC until Feb-24then until Feb-25 |
$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 |
23,357 |
1,740 |
2006 |
TC until Sep-24 |
$26,662(***) |
EM HYDRA(*) |
Feeder |
23,351 |
1,740 |
2005 |
TC until April-24 |
$15,000 |
JOANNA(*) |
Feeder |
22,301 |
1,732 |
1999 |
TC until Jan-24 |
$13,900 |
AEGEAN EXPRESS(*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Aug-23 |
$13,000 |
Total Container Carriers |
19 |
740,512 |
58,861 |
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
TENDER SOUL |
Feeder |
37,237 |
2,800 |
Q1 2024 |
|
|
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 |
7 |
215,734 |
16,600 |
|
|
|
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 19 vessels, including
12 Feeder and 7 Intermediate containerships. Euroseas 19
containerships have a cargo capacity of 58,861 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 |
Euroseas (NASDAQ:ESEA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Euroseas (NASDAQ:ESEA)
Historical Stock Chart
From Jul 2023 to Jul 2024