Euroseas Ltd. Announces Charter Contract Extensions for its Two 2,500 teu Feeder Containerships, EM Corfu and Evridiki G

ATHENS, Greece, Nov. 11, 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 its 2001-built 2,556 teu feeder containerships, EM Corfu and Evridiki G, in direct continuation of their existing charters.

Specifically:

EM Corfu has been fixed for a minimum period of 18 months and a maximum period of 20 months at the option of the charterer at a gross daily rate of $28,000 per day.

Evridiki G has been fixed for a minimum period of 14 months and a maximum period of 16 months at the option of the charterer at a gross daily rate of $29,500 per day.

Both vessels will commence their new charters upon the completion of their current ones, expected around mid-February 2025 for EM Corfu and early February 2025 for Evridiki G.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that our vessels, EM Corfu and Evridiki G, have extended their charter contracts with a top-class charterer for 18-20 months and 14-16 months respectively, at highly profitable rates of $28,000/day/vessel and $29,500/day/vessel, respectively. The rates of these fixtures indicate the continuing need that liner companies have to secure feeder vessels which are likely to be in short supply given the segment’s orderbook and age profile. The specific charters extend to the time of the fifth special survey of the vessels on their 25th birthday, at which time we will assess their economic prospects in connection to the cost of completing their fifth special survey and drydock. Over the minimum contract period, the two vessels will contribute about $20 million of EBITDA and increase our 2025 charter coverage to over 70% and our charter coverage for 2026 to about 35%.”

Fleet Profile:

The Euroseas Ltd. fleet profile after the charter of M/V Evridiki G and M/V EM Corfu 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

$42,200

TC until Aug-25

$15,000

SYNERGY BUSAN(+)(*)

Intermediate

50,726

4,253

2009

TC until Dec-24then until Dec-27

$25,000 $35,500(***)

SYNERGY ANTWERP(+)

Intermediate

50,726

4,253

2008

TC until Jun-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 Jun-25

$23,000

EMMANUEL P(+)

Intermediate

50,796

4,250

2005

TC until Aug-25

$21,000

RENA P(+)

Intermediate

50,796

4,250

2007

TC until Aug-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-24then until Oct-27

$17,000 $32,000(**)

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 Then until April-26

$40,000$29,500

EM CORFU(*)

Feeder

34,654

2,556

2001

TC until Feb-25Then until Aug-26

$40,000$28,000

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 Sep-25

$27,000(***)$20,000

EM HYDRA(+)

Feeder

23,351

1,740

2005

TC until May-25

$13,000

JOANNA(*)

Feeder

22,301

1,732

1999

TC until Aug-26

$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

Vessels under construction

Type

Dwt

TEU

To be delivered

Employment

TCE Rate ($/day)

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 construction

2

74,474

5,600

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.

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.

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 23 vessels, including 16 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,073 teu. After the delivery of its two remaining feeder containership newbuildings in 2025, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 72,673 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: [email protected]

Nicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York, NY 10169Tel. (212) 661-7566E-mail: [email protected]