Euroseas Ltd. Announces 3-year Charter Contract for its Intermediate Containership, M/V Synergy Busan
In This Article:
ATHENS, Greece, Sept. 23, 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 4,250 teu intermediate containership, M/V Synergy Busan, for a minimum period of 36 to a maximum period of 38 months at the option of the charterer, at a gross daily rate of $35,500. The new charter will commence in early December 2024, in direct continuation of its existing charter.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that M/V Synergy Busan has extended its charter contract with a top-class charterer for 36-38 months, at a profitable rate of $35,500/day. This fixture, a strong increase compared to last-done, demonstrates that activity is starting to pick up again and charter market terms remain at very healthy and firm levels. It also seems to indicate that our investment decision to retrofit the vessel with energy saving devices (ESDs), installed during the ship’s drydock last year, is appreciated by the market and paying off. This charter is expected to contribute in excess of about 29.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 95%; it also increases our charter coverage for 2025 to about 50%.”
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/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 | |
| 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 Apr-26 | $18,100 | |
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-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.