Euroseas Ltd. Announces Forward Charters For Two Fuel Efficient 2,800 teu Feeder Containerships currently under construction that will be delivered to the company in March and June 2023 respectively
May 18 2022 - 9:00AM
Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner
and operator of container vessels and provider of seaborne
transportation for containerized cargoes, announced today a new
charter for two newbuilding fuel efficient 2,800 teu feeder
containerships currently under construction. Specifically:
- M/V GREGOS (H4201), a modern
eco-design 2,800 teu scheduled to be delivered at the end of the
first quarter of 2023, entered into a time charter contract for a
period of between a minimum of thirty-six and a maximum of forty
months at the option of the charterer, at a gross daily rate of
$48,000. The new charter will commence in March 2023, once
delivered.
- M/V TERATAKI (H4202), a modern
eco-design 2,800 teu scheduled to be delivered at the end of the
second quarter of 2023, entered into a time charter contract for a
period of between a minimum of thirty-six and a maximum of forty
months at the option of the charterer, at a gross daily rate of
$48,000. The new charter will commence in June 2023, once
delivered.
Aristides Pittas, Chairman and CEO of
Euroseas commented:"We are very pleased to announce
three-year charters for the first two of our fuel efficient 2,800
teu feeder containerships under construction, M/V GREGOS and M/V
TERATAKI, at a gross daily rate of $48,000 each. The new charters
will commence upon delivery of the vessels in March 2023 and June
2023, respectively. Over the period of the charters, the two
vessels are expected to contribute in excess of $85m of EBITDA
fully repaying our cost to build them in just about 3 years. After
these charters, our charter coverage for 2023 increases to about
76% and for 2024 to almost 55%.”
Fleet Profile:
After the new charter arrangements of M/V “TERATAKI” and M/V
“GREGOS”, the Euroseas Ltd. fleet and employment profile will be as
follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
|
|
Container Carriers |
|
|
|
|
|
|
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until
Dec-24 |
$42,200 |
|
plus 12 months option |
option $15,000 |
|
AKINADA BRIDGE(+) |
Intermediate |
71,366 |
5,610 |
2001 |
TC until Nov-22 |
$20,000 |
|
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 |
|
SYNERGY OAKLAND(*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until May-26 |
$42,000 |
|
SYNERGY KEELUNG(+) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until
Jun-22 |
$11,750 |
|
then until Feb-23 |
$14,500 |
|
EMMANUEL P (ex-SEASPAN MELBOURNE) (*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Mar-25 |
$19,000 |
|
RENA P (ex-SEASPAN MANILA)(*) |
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 |
|
EM KEA(*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-23 |
$22,000 |
|
EM ASTORIA(*) |
Feeder |
35,600 |
2,788 |
2004 |
TC until
Feb-23 |
$65,000 |
|
then until
Feb-24 |
$50,000 |
|
then until Feb-25 |
$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-23 |
$20,000 |
|
JOANNA(+) |
Feeder |
22,301 |
1,732 |
1999 |
TC until Jan-23 |
$16,800 |
|
AEGEAN EXPRESS(*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Apr-25 |
$41,000 |
|
Total Container Carriers |
18 |
737,404 |
58,871 |
|
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
GREGOS (*) |
Feeder |
37,237 |
2,800 |
Q1 2023 |
TC until Mar-26 |
$48,000 |
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
Q2 2023 |
TC until June-26 |
$48,000 |
TENDER SOUL |
Feeder |
37,237 |
2,800 |
Q4 2023 |
|
|
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 |
9 |
290,208 |
22,200 |
|
|
|
Notes: |
(*)(+) |
TC denotes time charter. Charter duration indicates the earliest
redelivery date unless the contract rate is lower than the
current market rate in which cases the latest redelivery date is
shown and marked by (+). |
(**) |
CONTEX stands for the Container Ship Time Charter Assessment
Index. |
(***) |
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.
After the delivery of its recently acquired 2
Intermediate containerships, the Company will have a fleet of 18
vessels comprising of 10 Feeder and 8 Intermediate containerships.
Euroseas 18 containerships have a cargo capacity of 58,871 teu. On
a fully-delivered basis of its vessels under construction, the
Company’s fleet will increase to 27 containerships with a cargo
capacity of about 81,071 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 |
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