UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934


For the month of July 2024


Commission File Number:  001-33283


EUROSEAS LTD.

(Translation of registrant’s name into English)

 

4 Messogiou & Evropis Street

151 24 Maroussi, Greece

(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.


Form 20-F [X]       Form 40-F [  ]








INFORMATION CONTAINED IN THIS FORM 6-K REPORT


Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the “Company”) on July 23, 2024: Euroseas Ltd. Announces 18-month Charter Contract for its Feeder Containership, EM Spetses.


This Report on Form 6-K (which includes Exhibit 1), except for the paragraph in Exhibit 1 beginning with “Aristides Pittas, Chairman and CEO of Euroseas commented:”, is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-268708) filed with the U.S. Securities and Exchange Commission (the “Commission”) on December 7, 2022 and the Company’s Registration Statement on Form F-3 (File No. 333-269066) filed with the Commission on December 29, 2022.







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: July 23, 2024

By:

/s/ Aristides J. Pittas

 

 

Name:  

Aristides J. Pittas

 

 

Title:

President

 







Exhibit 1

[f72324esea6k002.gif]




Euroseas Ltd. Announces 18-month Charter Contract for its Feeder Containership, EM Spetses


Maroussi, Athens, Greece – July 23, 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 a new time charter contract for its 1,740 feeder containership, EM Spetses, for a minimum period of 18 to a maximum period of 20 months at the option of the charterer, at a gross daily rate of $18,100. The charter for EM Spetses will commence in early August 2024, upon the completion of its current charter.


Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our EM Spetses for 18 months with a top-class charterer, at a profitable rate of $18,100/day. Despite the usual summer slowdown, this fixture is a testament to the firmness of the market, with underlying demand/market fundamentals remaining quite strong. This charter is expected to contribute about 5.5 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to 94%; it also increases our charter coverage for 2025 to about 44%.”



Fleet Profile:

The Euroseas Ltd. fleet profile is 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

 TC until Aug-25

$15,000

SYNERGY BUSAN(+)

Intermediate

50,726

4,253

2009

TC until Dec-24

$25,000

SYNERGY ANTWERP(*)

Intermediate

50,726

4,253

2008

TC until Mar-25

$26,500(**)

SYNERGY OAKLAND(*)

Intermediate

50,787

4,253

2009

TC until May-26

$42,000

SYNERGY KEELUNG(*)

Intermediate

50,969

4,253

2009

TC until Apr-25

$23,000

EMMANUEL P(*)

Intermediate

50,796

4,250

2005

TC until Apr-25

$21,000

RENA P(*)

Intermediate

50,796

4,250

2007

TC until Apr-25

$21,000

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

TENDER SOUL(+)

Feeder

37,237

2,800

2024

TC until Dec-24

$17,000

LEONIDAS Z (*)

Feeder

37,237

2,800

2024

TC until Mar-26

$20,000

PEPI STAR(*)(**)

Feeder

22,262

1,800

2024

TC until Jun-26 

$24,250 

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

MONICA(*)

Feeder

22,262

1,800

2024

TC until May-25

$16,000

STEPHANIA K(*)(**)

Feeder

22,262

1,800

2024

TC until May-26

$22,000

EM SPETSES(*)

Feeder

23,224

1,740

2007

TC until Aug-24

Then until Apr-26

$29,500

$18,100

JONATHAN P(*)

Feeder

23,357

1,740

2006

TC until Sep-24

$26,662(***)

EM HYDRA(*)(**)

Feeder

23,351

1,740

2005

 

 

TC until Feb-25

$13,000

JOANNA(+)(*)

Feeder

22,301

1,732

1999

TC until Aug-24

Then from Oct-24 to Aug-26

$13,500

$16,500(****)

AEGEAN EXPRESS(+)

Feeder

18,581

1,439

1997

TC until Dec-24

$8,000

Total Container Carriers on the Water

23

846,172

67,073

 

 

 

 

 

 

 

 

 

 

Vessels under construction

Type

Dwt

TEU

To be delivered

Employment

TCE Rate ($/day)

DEAR PANEL

Feeder

37,237

2,800

Q4 2024

 

 

SYMEON P

Feeder

37,237

2,800

Q4 2024

 

 

Total under construction

2

74,474

5,600

 

 

 


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 (+).

(**)

Rate is gross of commissions of 2.5% (commissions are, typically, 5-6.25%)

(***)

Rate is net of commissions (commissions are, typically, 5-6.25%)

(****)

Rate is $19,000 for the first 17 months, $9,500 for the next six months and $16,500 for redelivery range.







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 150 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 23 vessels, including 16 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,073 teu. After the delivery of its two remaining feeder containership newbuildings in 2024, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 72,673 teu.


Forward Looking Statement

This 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 Aslidis

Chief Financial Officer

Euroseas Ltd.

11 Canterbury Lane,

Watchung, NJ 07069

Tel. (908) 301-9091

E-mail: aha@euroseas.gr

Nicolas Bornozis

Markella Kara

Capital Link, Inc.

230 Park Avenue, Suite 1540

New York, NY 10169

Tel. (212) 661-7566

E-mail: euroseas@capitallink.com








SK 02558 0005 11421772







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