Euroseas Ltd. Announces a 3-year Charter Contract Extension for its Intermediate Containership, M/V Rena P and the Successful Completion of its Spin-off EuroHoldings Ltd.
Euroseas (NASDAQ: ESEA) has announced two significant developments: a charter contract extension and a corporate spin-off. The company has secured a 35-37 month extension for its 4,250 teu vessel M/V Rena P at a daily rate of $35,500, starting August 21, 2025. This charter is expected to generate approximately $29.0 million in EBITDA over the minimum contracted period.
Additionally, Euroseas has completed the spin-off of three subsidiaries into EuroHoldings (NASDAQ: EHLD). The new entity includes two older vessels (M/V Aegean Express and M/V Joanna) and proceeds from the previous sale of M/V Diamantis P. The spin-off became effective March 18, 2025, with EuroHoldings operating independently and focusing on investing in older vessels across various maritime sectors.
The charter extension increases Euroseas' coverage to approximately 88% for 2025 and 54% for 2026.
Euroseas (NASDAQ: ESEA) ha annunciato due sviluppi significativi: un'estensione del contratto di noleggio e una scissione aziendale. L'azienda ha ottenuto un'estensione di 35-37 mesi per la sua nave da 4.250 teu M/V Rena P a una tariffa giornaliera di $35.500, a partire dal 21 agosto 2025. Questo noleggio dovrebbe generare circa $29,0 milioni in EBITDA durante il periodo contrattuale minimo.
Inoltre, Euroseas ha completato la scissione di tre filiali in EuroHoldings (NASDAQ: EHLD). La nuova entità include due navi più vecchie (M/V Aegean Express e M/V Joanna) e i proventi dalla precedente vendita di M/V Diamantis P. La scissione è diventata effettiva il 18 marzo 2025, con EuroHoldings che opera in modo indipendente e si concentra sull'investimento in navi più vecchie in vari settori marittimi.
L'estensione del noleggio aumenta la copertura di Euroseas a circa l'88% per il 2025 e al 54% per il 2026.
Euroseas (NASDAQ: ESEA) ha anunciado dos desarrollos significativos: una extensión del contrato de fletamento y una escisión corporativa. La compañía ha asegurado una extensión de 35-37 meses para su buque de 4,250 teu M/V Rena P a una tarifa diaria de $35,500, comenzando el 21 de agosto de 2025. Se espera que este contrato genere aproximadamente $29.0 millones en EBITDA durante el período mínimo contratado.
Además, Euroseas ha completado la escisión de tres subsidiarias en EuroHoldings (NASDAQ: EHLD). La nueva entidad incluye dos buques más antiguos (M/V Aegean Express y M/V Joanna) y los ingresos de la venta anterior de M/V Diamantis P. La escisión se hizo efectiva el 18 de marzo de 2025, con EuroHoldings operando de manera independiente y enfocándose en invertir en buques más antiguos en varios sectores marítimos.
La extensión del contrato de fletamento aumenta la cobertura de Euroseas a aproximadamente el 88% para 2025 y el 54% para 2026.
유로시스 (NASDAQ: ESEA)는 두 가지 중요한 발전을 발표했습니다: 차터 계약 연장과 기업 분할입니다. 이 회사는 4,250 teu 선박 M/V Rena P에 대해 하루 $35,500의 요금으로 35-37개월 연장을 확보했습니다. 이 계약은 2025년 8월 21일부터 시작되며, 최소 계약 기간 동안 약 2,900만 달러의 EBITDA를 생성할 것으로 예상됩니다.
또한, 유로시스는 세 개의 자회사를 유로홀딩스 (NASDAQ: EHLD)로 분할했습니다. 새로운 법인은 두 척의 오래된 선박(M/V Aegean Express 및 M/V Joanna)과 이전 M/V Diamantis P 판매에서 발생한 수익을 포함합니다. 이 분할은 2025년 3월 18일에 발효되었으며, 유로홀딩스는 독립적으로 운영되며 다양한 해양 분야에서 오래된 선박에 투자하는 데 집중하고 있습니다.
차터 연장은 유로시스의 2025년 커버리지를 약 88%, 2026년에는 54%로 증가시킵니다.
Euroseas (NASDAQ: ESEA) a annoncé deux développements significatifs : une extension de contrat de charter et une scission d'entreprise. La société a sécurisé une extension de 35-37 mois pour son navire de 4 250 teu M/V Rena P à un tarif journalier de 35 500 $, à partir du 21 août 2025. Ce contrat devrait générer environ 29,0 millions de dollars en EBITDA pendant la période contractuelle minimale.
De plus, Euroseas a achevé la scission de trois filiales en EuroHoldings (NASDAQ: EHLD). La nouvelle entité comprend deux anciens navires (M/V Aegean Express et M/V Joanna) et les produits de la vente précédente de M/V Diamantis P. La scission est entrée en vigueur le 18 mars 2025, avec EuroHoldings opérant de manière indépendante et se concentrant sur l'investissement dans des navires plus anciens dans divers secteurs maritimes.
L'extension du contrat de charter augmente la couverture d'Euroseas à environ 88 % pour 2025 et 54 % pour 2026.
Euroseas (NASDAQ: ESEA) hat zwei bedeutende Entwicklungen bekannt gegeben: eine Verlängerung des Chartervertrags und eine Unternehmensspaltung. Das Unternehmen hat eine Verlängerung von 35-37 Monaten für sein 4.250 teu Schiff M/V Rena P zu einem Tagespreis von 35.500 $ ab dem 21. August 2025 gesichert. Es wird erwartet, dass dieser Chartervertrag über den Mindestvertragszeitraum etwa 29,0 Millionen $ EBITDA generiert.
Darüber hinaus hat Euroseas die Spaltung von drei Tochtergesellschaften in EuroHoldings (NASDAQ: EHLD) abgeschlossen. Die neue Einheit umfasst zwei ältere Schiffe (M/V Aegean Express und M/V Joanna) sowie die Erlöse aus dem vorherigen Verkauf von M/V Diamantis P. Die Spaltung trat am 18. März 2025 in Kraft, wobei EuroHoldings unabhängig operiert und sich auf Investitionen in ältere Schiffe in verschiedenen maritimen Sektoren konzentriert.
Die Verlängerung des Chartervertrags erhöht die Abdeckung von Euroseas auf etwa 88 % für 2025 und 54 % für 2026.
- Secured 35-37 month charter extension at profitable rate of $35,500/day
- Expected EBITDA generation of $29.0 million from new charter
- High charter coverage: 88% for 2025 and 54% for 2026
- Successful completion of spin-off creating new NASDAQ-listed entity
- Reduction in fleet size due to spin-off of three vessels
Insights
Euroseas' announcement contains two significant developments that strengthen its financial outlook. The 35-37 month charter extension for M/V Rena P at
The successful completion of the EuroHoldings spin-off represents a strategic move to optimize fleet composition. By transferring two older vessels (M/V Aegean Express and M/V Joanna) plus proceeds from a previous vessel sale into the new NASDAQ-listed entity (EHLD), Euroseas has effectively streamlined its fleet profile. This allows Euroseas to focus on its core modern containership operations while giving shareholders exposure to a separate vehicle targeting opportunities in older vessels across multiple maritime sectors.
The charter extension's timing is particularly advantageous given the current market dynamics. The company specifically cites three factors maintaining rate strength: geopolitical uncertainty around Red Sea shipping routes, vessel availability, and sustained demand from liner operators. These conditions have created a balanced charter market allowing owners to secure favorable long-term contracts despite broader economic uncertainties.
This announcement delivers substantial shareholder value through both immediate cash flow security and strategic corporate restructuring. The M/V Rena P charter extension provides exceptional revenue visibility by locking in
The
The EuroHoldings spin-off creates a cleaner investment thesis for both entities. Euroseas emerges as a more focused operator of modern containerships with stable long-term contracts, while EuroHoldings gains the flexibility to pursue opportunities across older vessels and diverse maritime sectors that might otherwise have represented strategic drift for Euroseas. This transaction effectively gives existing shareholders equity in two distinct maritime strategies without forcing them to choose between them.
The timing of both announcements suggests management is capitalizing on current market strength to position both companies advantageously, securing strong rates on existing assets while creating a separate vehicle that can opportunistically deploy capital in areas where Euroseas itself might face strategic constraints.
ATHENS, Greece, March 18, 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 new time charter contract for its 4,250 teu intermediate containership, M/V Rena P for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross daily rate of
The Company also announced that it has completed the spin-off of three of its subsidiaries containing its two older vessels, M/V Aegean Express and M/V Joanna, along with the proceeds from the earlier sale of the vessel M/V Diamantis P, into EuroHoldings Ltd. (NASDAQ: EHLD). Starting today, March 18, 2025, EuroHoldings Ltd. operates as an independent company.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that we have extended the time charter contract for our intermediate containership, M/V Rena P, with a top-tier charterer, in direct continuation of its present charter, for 35-37 months at a profitable rate of
“In parallel, we are also pleased to announce the successful completion of our spin-off of EuroHoldings, which will continue as a separate company. EuroHoldings, initially owning two older vessels with profitable charters, will look to grow by investing in older vessels in the containership and other sectors, while also evaluating additional maritime opportunities.”
Fleet Profile:
After the charter of M/V Rena P, and after the previously announced spin-off of three of the Company’s subsidiaries into a separate company, Euroholdings Ltd., which received approval for its 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 | ||
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-27 | ||
| SYNERGY ANTWERP(+)(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until May-25 then until May-28 | ||
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | ||
| SYNERGY KEELUNG(+)(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until Jun-25 then until Jun-28 | ||
| EMMANUEL P(+) | Intermediate | 50,796 | 4,250 | 2005 | TC until Jul-25 | ||
| RENA P(+) | Intermediate | 50,796 | 4,250 | 2007 | TC until Aug-25 then until Aug-28 | ||
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | ||
| GREGOS(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Apr-26 | ||
| TERATAKI(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Jul-26 | ||
| TENDER SOUL(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Oct-27 | ||
| LEONIDAS Z(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | ||
| DEAR PANEL | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | ||
| SYMEON P | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | ||
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Apr-26 | ||
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Aug-26 | ||
| STEPHANIA K(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-26 | ||
| MONICA(+) | Feeder | 22,262 | 1,800 | 2024 | TC-until May-25 | ||
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | ||
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | ||
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-25 | ||
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-25 then until May-27 | ||
| 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
What are the terms of ESEA's new charter contract for M/V Rena P?
How much charter coverage does ESEA have for 2025 and 2026 after the new contract?
What assets were included in ESEA's spin-off to EuroHoldings (EHLD)?
When did the EuroHoldings (EHLD) spin-off from ESEA become effective?
