Euroseas Ltd. Announces 3-year Charter Contracts for Three Eco 2,800 teu Feeder Containership Newbuildings, M/V Tender Soul, M/V Dear Panel and M/V Symeon P
In This Article:
ATHENS, Greece, Oct. 21, 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 new time charter contracts for three fuel efficient 2,800 teu feeder containerships. All three charters are for a minimum period of 34 months and a maximum period of 36 months at the option of the charter at a gross rate of $32,000 per day.
Specifically:
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M/V Tender Soul, which was delivered earlier this year, will commence its charter after the completion of her present charter in early December 2024.
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M/V Dear Panel and M/V Symeon P, which are currently under construction, and represent the last two of the Company’s nine-vessel newbuilding program, will commence their charters upon delivery from the shipyard, expected in the first week of January 2025.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce new time charter contracts for three of our modern 2,800 teu vessels – M/V Tender Soul and the last two upcoming newbuildings, MV/ Dear Panel and M/V Symeon P – with a top-tier charterer for 34-36 months at a very profitable rate of $32,000/day/vessel. This en-bloc deal underscores the charterers’ sustained interest and need to invest in high-spec, eco-friendly vessels. The 3-year duration also emphasizes their long-term view in the resilience of the market, especially, the feeder containership segment, and the fact that such eco-friendly vessels will be particularly important going forward as they navigate increasingly stringent environmental regulations. These charters are expected to contribute about $79 million of EBITDA for the minimum contracted period and increase our 2025 charter coverage to about 63%, and our charter coverage for 2026 to about 31%.”
Fleet Profile:
The Euroseas Ltd. fleet profile after the charter of M/V Tender Soul, M/V Dear Panel, and M/V Symeon P is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate | |
| Container Carriers |
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| MARCOS V(*) | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 | |
| SYNERGY | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-24 | $25,000 | |
| SYNERGY | Intermediate | 50,726 | 4,253 | 2008 | TC until Mar-25 | $26,500(**) | |
| SYNERGY | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 | |
| SYNERGY | 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 Dec-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 | Feeder | 18,581 | 1,439 | 1997 | TC until Dec-24 | $8,000 | |
| Total Container | 23 | 846,172 | 67,073 |
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| Vessels under | Type | Dwt | TEU | To be | Employment | TCE Rate | |
| DEAR PANEL | Feeder | 37,237 | 2,800 | Jan-2025 | TC until Nov-27 | $32,000(**) | |
| SYMEON P | Feeder | 37,237 | 2,800 | Jan-2025 | TC until Nov-27 | $32,000(**) | |
| Total under | 2 | 74,474 | 5,600 |
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| (*) | TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter unless the | ||||||
| (**) | 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.