Euroseas Ltd. Announces 2-year Charter Contract Extension for its Feeder Containership, M/V EM Hydra
Euroseas (NASDAQ: ESEA) has announced a new time charter contract extension for its 1,740 teu feeder containership, M/V EM Hydra. The vessel will be chartered for 24-26 months at a gross daily rate of $19,000, starting from May 1, 2025, in direct continuation of its current charter.
The charter is expected to generate approximately $7.3 million in EBITDA over the minimum contracted period. This agreement increases Euroseas' charter coverage to about 85% for 2025 and 50% for 2026. According to CEO Aristides Pittas, despite the potential reopening of Red Sea routes, the charter market for feeder containerships remains resilient, with vessel availability supporting strong periods and rates.
Euroseas (NASDAQ: ESEA) ha annunciato un'estensione di un nuovo contratto di noleggio a tempo per il suo feeder containership da 1.740 teu, M/V EM Hydra. La nave sarà noleggiata per un periodo di 24-26 mesi a un tasso giornaliero lordo di $19.000, a partire dal 1 maggio 2025, in diretta continuazione del suo attuale noleggio.
Si prevede che il contratto genererà circa $7,3 milioni in EBITDA durante il periodo minimo contrattato. Questo accordo aumenta la copertura di nolo di Euroseas a circa 85% per il 2025 e 50% per il 2026. Secondo il CEO Aristides Pittas, nonostante la potenziale riapertura delle rotte del Mar Rosso, il mercato dei noleggi per i feeder containership rimane resiliente, con la disponibilità delle navi che supporta periodi e tassi forti.
Euroseas (NASDAQ: ESEA) ha anunciado una nueva extensión de contrato de fletamento a tiempo para su buque portacontenedores feeder de 1,740 teu, M/V EM Hydra. El buque será fletado por un período de 24-26 meses a una tarifa diaria bruta de $19,000, comenzando el 1 de mayo de 2025, en directa continuación de su contrato actual.
Se espera que el contrato genere aproximadamente $7.3 millones en EBITDA durante el período mínimo contratado. Este acuerdo aumenta la cobertura de fletamento de Euroseas a aproximadamente 85% para 2025 y 50% para 2026. Según el CEO Aristides Pittas, a pesar de la posible reapertura de las rutas del Mar Rojo, el mercado de fletamentos para los buques portacontenedores feeder sigue siendo resistente, con la disponibilidad de buques apoyando períodos y tarifas fuertes.
Euroseas (NASDAQ: ESEA)는 1,740 teu 규모의 피더 화물선인 M/V EM Hydra에 대한 새로운 용선 계약 연장을 발표했습니다. 이 선박은 2025년 5월 1일부터 현재의 용선 계약을 직접적으로 연장하여 24-26개월 동안 하루 $19,000의 총 일일 요금으로 임대됩니다.
이 계약은 최소 계약 기간 동안 약 $7.3 백만의 EBITDA를 생성할 것으로 예상됩니다. 이 계약은 Euroseas의 2025년 용선 비율을 약 85%, 2026년에는 50%으로 증가시킵니다. CEO인 Aristides Pittas에 따르면, 홍해 노선의 잠재적인 재개에도 불구하고, 피더 화물선에 대한 용선 시장은 여전히 활력 있고, 선박의 가용성이 강력한 기간과 요금을 지원하고 있다고 합니다.
Euroseas (NASDAQ: ESEA) a annoncé une nouvelle prolongation de contrat de charter pour son porte-conteneurs feeder de 1 740 teu, M/V EM Hydra. Le navire sera affrété pour une période de 24 à 26 mois à un tarif journalier brut de $19,000, à partir du 1er mai 2025, en continuité directe de son contrat actuel.
On s'attend à ce que ce contrat génère environ $7,3 millions d'EBITDA pendant la période minimum contractuelle. Cet accord augmente la couverture de charter d'Euroseas à environ 85% pour 2025 et 50% pour 2026. Selon le PDG Aristides Pittas, malgré la potentielle réouverture des routes de la mer Rouge, le marché du charter pour les porte-conteneurs feeder reste résilient, avec une disponibilité de navires soutenant des périodes et des tarifs solides.
Euroseas (NASDAQ: ESEA) hat eine neue Zeitcharter-Verlängerung für sein 1.740 teu Feeder-Containerschiff, die M/V EM Hydra, angekündigt. Das Schiff wird für einen Zeitraum von 24-26 Monaten zu einem Bruttotagespreis von $19.000 gechartert, beginnend am 1. Mai 2025, in unmittelbarer Fortsetzung des aktuellen Charters.
Es wird erwartet, dass der Chartervertrag über den mindestens vereinbarten Zeitraum hinweg ungefähr $7,3 Millionen EBITDA generiert. Diese Vereinbarung erhöht die Charter-Abdeckung von Euroseas auf etwa 85% für 2025 und 50% für 2026. Laut CEO Aristides Pittas bleibt der Chartermarkt für Feeder-Containerschiffe trotz einer möglichen Wiedereröffnung der Routen im Roten Meer stabil, wobei die Verfügbarkeit von Schiffen starke Perioden und Raten unterstützt.
- New charter contract secures $7.3M in EBITDA over minimum period
- Increased charter coverage to 85% for 2025
- Higher daily rate of $19,000 compared to current $13,000
- Strong charter market conditions despite Red Sea situation
- 20-year-old vessel age could impact future operational efficiency
Insights
The charter extension for M/V EM Hydra represents a 46% rate increase from
The strategic timing of this extension is crucial, as it secures profitable employment through 2027, adding approximately
Looking at the broader fleet profile, this extension aligns with Euroseas' strategy of securing medium-term charters at profitable rates across its fleet. The company has successfully locked in favorable rates for multiple vessels extending into 2026-2028, creating a robust charter backlog that supports stable cash flows.
Three key implications stand out:
- The strong charter rate despite the vessel's age indicates sustained demand for feeder vessels, particularly in regional trade routes
- The extension's timing ahead of potential Red Sea route normalization demonstrates prudent risk management
- The increased charter coverage enhances the company's financial predictability and strengthens its position for the planned Euroholdings spin-off
ATHENS, Greece, Feb. 11, 2025 (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 new time charter contract for its 1,740 teu feeder containership, M/V EM Hydra for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that we have extended the time charter contract for our 20-year-old M/V EM Hydra with a top-tier charterer, in direct continuation of its present charter, for 24-26 months at a profitable rate of
Fleet Profile:
After the charter of M/V EM Hydra, and after the previously announced spin-off of three of the Company’s subsidiaries into a separate company, Euroholdings Ltd., which has applied for listing on the NASDAQ exchange, 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 Oct-25 | $ | 15,000 |
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-27 | $ | 35,500 |
| SYNERGY ANTWERP(+)(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until May-25 then until May-28 | $ $ | 26,500 35,500 |
| 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 then until Jun-28 | $ $ | 23,000 35,500 |
| EMMANUEL P(+) | Intermediate | 50,796 | 4,250 | 2005 | TC until Jul-25 | $ | 21,000 |
| RENA P(+) | Intermediate | 50,796 | 4,250 | 2007 | TC until Jul-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-27 | $ | 32,000 |
| LEONIDAS Z(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | $ | 20,000 |
| DEAR PANEL | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | $ | 32,000 |
| SYMEON P | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | $ | 32,000 |
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 then until Apr-26 | $ $ | 40,000 29,500 |
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 then until Aug-26 | $ $ | 40,000 28,000 |
| STEPHANIA K(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-26 | $ | 22,000 |
| MONICA(+) | Feeder | 22,262 | 1,800 | 2024 | TC-until May-25 | $ | 16,000 |
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | $ | 24,250 |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | $ | 18,100 |
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-25 | $ | 20,000 |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-25 then until May-27 | $ $ | 13,000 19,000 |
Total Container Carriers on the Water | 22 | 849,404 | 67,494 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) |
| ELENA (H1711) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| NIKITAS G (H1712) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| Total under construction | 2 | 110,400 | 8,600 | |||
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
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.
Following the completion of the spin-off of three of the Company’s subsidiaries into Euroholdings Ltd., Euroseas will have a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships. Euroseas 22 containerships will have a cargo capacity of 67,494 teu. After the delivery of the two intermediate containership newbuildings in 2027, Euroseas’ fleet will consist of 24 vessels with a total carrying capacity of 76,094 teu.
Forward Looking Statement
This 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 Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: euroseas@capitallink.com |
FAQ
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