Euroseas Ltd. Announces 1-year Charter Contract for its Feeder Containership, M/V Jonathan P
In This Article:
ATHENS, Greece, Oct. 07, 2024 (GLOBE NEWSWIRE) -- 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 time charter contract for its 1,732 teu feeder containership, M/V Jonathan P, for a minimum period of 11 to a maximum period of 13 months at the option of the charterer, at a gross daily rate of $20,000. The new charter will commence after the completion of her scheduled intermediate survey, expected around mid-to-end of October 2024.
Aristides Pittas, Chairman and CEO of Euroseas commented: ”We are pleased to announce that our 18-year-old M/V Jonathan P has been chartered with a top-class charterer for 11-13 months, at a profitable rate of $20,000/day. This fixture is a testament to the constant need for feeder ships, despite declining container freight rates. It also validates the component of our investment strategy of acquiring vessels with minimal or no residual value risk at the expiration of their initial charter, as was the case with M/V Jonathan P. The present charter is expected to contribute about 4.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 96%; it also increases our charter coverage for 2025 to about 52%.”
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/day) | |
| Container Carriers |
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| 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 | |
| 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(**) | |
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | $24,250(**) | |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Apr-26 | $18,100 | |
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Oct-24 | $27,000(***) | |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until Feb-25 | $13,000 | |
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | In drydock | $16,500(****) | |
| AEGEAN EXPRESS(+) | Feeder | 18,581 | 1,439 | 1997 | TC until Dec-24 | $8,000 | |
| Total Container Carriers on the Water | 23 | 846,172 | 67,073 |
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| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) | |
| DEAR PANEL | Feeder | 37,237 | 2,800 | Jan-2025 |
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| SYMEON P | Feeder | 37,237 | 2,800 | Jan-2025 |
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| Total under construction | 2 | 74,474 | 5,600 |
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| 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 gross of commissions of 1.25% (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. |
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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.