Euroseas Ltd. Announces Two-Year Time Charter Contract for its Fuel Efficient 2,800 teu Feeder Containership Newbuilding, M/V Leonidas Z, Commencing upon its Delivery
ATHENS, Greece, Feb. 28, 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 it has entered into a time charter contract for M/V LEONIDAS Z, a newbuilding fuel efficient 2,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $20,000. The new charter will commence upon delivery of the vessel from the shipyard expected around the end of April or beginning of May 2024.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the fourth in a series of nine, with one of the largest liner companies, at a profitable rate level of $20,000/day, exploiting the recent strength of the market both in terms of charter level and charter duration. This charter is expected to contribute about $9 million of EBITDA for the minimum contracted period; it increases our 2024 charter coverage to about 74%.
“We are hopeful that we will be able to continue capitalizing on the current strength of the market for chartering our few vessels that come open within the next quarter including the three 1,800 teu vessels that will be delivered during this period.”
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) | |
| Container Carriers |
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| MARCOS V(*) | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 | |
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Aug-24 | $25,000 | |
| SYNERGY ANTWERP | Intermediate | 50,726 | 4,253 | 2008 | TC until Mar-24 | $2 carrying empties, repositioning her for drydock | |
| 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 Oct-24 | $17,000 | |
| EM ASTORIA (*) | Feeder | 35,600 | 2,788 | 2004 | TC 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 Jul-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 May-24 | $15,000 | |
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until May-24 | $10,250 | |
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Mar-24 | $7,000 | |
| Total Container Carriers on the Water | 20 | 777,749 | 61,661 |
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| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) | |
| LEONIDAS Z (H4237) | Feeder | 37,237 | 2,800 | Apr/May 2024 | TC until Mar/Apr 2026 | $20,000 | |
| MONICA (H4248) | Feeder | 22,262 | 1,800 | Q2 2024 |
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| STEPHANIA K (H4249) | Feeder | 22,262 | 1,800 | Q2 2024 |
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| PEPI STAR (H4250) | Feeder | 22,262 | 1,800 | Q2 2024 |
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| DEAR PANEL (H4251) | Feeder | 37,237 | 2,800 | Q4 2024 |
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| SYMEON P (H4252) | Feeder | 37,237 | 2,800 | Q4 2024 |
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| Total under construction | 6 | 178,497 | 13,800 |
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Notes:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC 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 net of commissions (which are typically 5-6.25%).
