Euroseas Ltd. Announces Time Charter Contract for its Fuel-Efficient 2,800 teu Feeder Containership, M/V Tender Soul, to be delivered in February 2024
2024年1月12日 - 6:05AM
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 TENDER SOUL, a
newbuilding fuel-efficient 2,800 teu feeder containership currently
under construction, for a minimum period of eight to a maximum
period of ten months at the option of the charterer, at a gross
daily rate of $17,000. The new charter will commence within
February 2024, upon delivery of the vessel from the shipyard.
Aristides Pittas, Chairman and CEO of
Euroseas commented: “We are pleased to announce that we
have chartered our upcoming newbuilding vessel, the third in a
series of nine, with one of the largest liner companies, at a
profitable rate level in a period when new vessel deliveries are at
a historical high and, as a result, containership rates are under
pressure. This charter is expected to contribute about $2.4 million
of EBITDA for the minimum contracted period; it boosts our 2024
charter coverage to about 70%.
“We continue working in chartering out the
remaining of our newbuildings and completing their debt financing
arrangements. Our strong cash position and contracted cash flow
provide us with comfort and flexibility in not only funding the
equity portion of our newbuilding program but also continuing to
return funds to our shareholders via dividends and share
buybacks.”
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
Container Carriers |
|
|
|
|
|
|
MARCOS V(*) |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24 TC until Aug-25 |
$42,200$15,000 |
SYNERGY BUSAN(*) |
Intermediate |
50,726 |
4,253 |
2009 |
TC until Aug-24 |
$25,000 |
SYNERGY ANTWERP |
Intermediate |
50,726 |
4,253 |
2008 |
TC until Feb-24 |
$18,250 |
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 |
EM ASTORIA (+) |
Feeder |
35,600 |
2,788 |
2004 |
TC until Feb-24then until Feb-25 |
$50,000$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 Jan-24 |
$7,000 |
Total Container Carriers on the Water |
19 |
740,512 |
58,861 |
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment |
TCE Rate ($/day) |
TENDER SOUL (H4236) |
Feeder |
37,237 |
2,800 |
Feb- 2024 |
TC until Oct-24 |
$17,000 |
LEONIDAS Z (H4237) |
Feeder |
37,237 |
2,800 |
Q2 2024 |
|
|
MONICA (H4248) |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
STEPHANIA K (H4249) |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
PEPI STAR (H4250) |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
DEAR PANEL (H4251) |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
SYMEON P (H4252) |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
Total under construction |
7 |
215,734 |
16,600 |
|
|
|
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%).
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.The Company has a fleet of
19 vessels, including 12 Feeder containerships and 7 Intermediate
containerships. Euroseas 19 containerships have a cargo capacity of
58,861 teu. After the delivery of seven feeder containership
newbuildings in 2024, Euroseas’ fleet will consist of 26 vessels
with a total carrying capacity of 75,461 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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