Euroseas Ltd. Announces Completion of Retrofits of its Intermediate Containership, M/V Marcos V, Reducing the Vessel’s Carbon Footprint

Rhea-AI Summary

Euroseas (NASDAQ: ESEA) completes installation of energy-saving devices on M/V Marcos V for improved consumption.

ATHENS, Greece, March 21, 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 successfully completed the installation of a number of “energy saving devices” on its 6,350 teu intermediate containership, M/V Marcos V, aiming to improve her consumption in the commercial speed range by about 25%. The investment was done in conjunction with the vessel’s scheduled dry docking and special survey and was funded by the charterer of the vessel, who contemporaneously declared their option to extend the charter by an additional minimum seven months to August 2025. In case the vessel is employed after the current charter period, the owners will refund part of the cost to the charterer, up to a maximum of 50%.

The following devices were installed on the ship:

(a)   New bulbous bow
(b)   A new and lighter propeller
(c)   Hub vortex absorbed fins (HVAF)
(d)   Pre-shrouded vanes (PSV)
(e)   Silicone coating of the ship’s underwater parts
(f)   LED lights
(g)   Auto pilot upgrade with advanced ecology control
(h)   Jacket pre-heater auto control

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the completion of retrofits for our M/V Marcos V, continuing our retrofitting program, as part of our efforts to minimize the carbon footprint of our fleet. As in the case of the recent retrofit of M/V Synergy Busan, we cooperated closely with the charterer to specify and fund the modifications of the vessel and share the economic benefit from the improved performance.”

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 20 vessels, including 13 Feeder containerships and 7 Intermediate containerships. Euroseas 20 containerships have a cargo capacity of 61,661 teu. After the delivery of six feeder containership newbuildings in 2024, Euroseas’ fleet will consist of 26 vessels with a total carrying capacity of 75,461 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 did Euroseas (ESEA) announce regarding M/V Marcos V?

Euroseas (ESEA) announced the successful completion of the installation of energy-saving devices on its 6,350 teu intermediate containership, M/V Marcos V.

What is the purpose of installing energy-saving devices on M/V Marcos V?

The purpose of installing energy-saving devices on M/V Marcos V is to improve her consumption in the commercial speed range.

What type of vessels does Euroseas (ESEA) operate?

Euroseas (ESEA) is an owner and operator of container carrier vessels.