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Euroseas Ltd. (Marshall Islands) (symbol: ESEA) is a prominent shipping company listed on the Nasdaq Stock Exchange. Established on May 5, 2005, the company consolidates the ship owning interests of the Pittas family from Athens, Greece, which boasts over 150 years in the shipping business. Euroseas Ltd. primarily operates a fleet of 21 vessels, including containerships, that transport container boxes and provide scheduled services between various ports.
The core business of Euroseas Ltd. revolves around the efficient and reliable transportation of goods across seas. The company's operations are managed by an affiliated ship management company, which handles day-to-day commercial and technical management, ensuring the vessels operate smoothly and efficiently. Euroseas Ltd. employs its vessels through spot and period charters, as well as pool arrangements to maximize their utility and profitability.
Recent advancements and upgrades have been a key focus for Euroseas Ltd. The company has installed various energy-saving devices and modern technology on its fleet, including:
- New bulbous bow
- Lighter propeller
- Hub vortex absorbed fins (HVAF)
- Pre-shrouded vanes (PSV)
- Silicone coating of the ship’s underwater parts
- LED lights
- Auto pilot upgrade with advanced ecology control
- Jacket pre-heater auto control
These innovations are not only aimed at enhancing the performance and efficiency of the vessels but also at promoting environmental sustainability. The company's commitment to providing top-notch shipping services while delivering superior returns to its shareholders remains unwavering.
As part of its growth strategy, Euroseas Ltd. continues to expand and modernize its fleet. The delivery of new vessels like M/V Monica is expected to further bolster the company's operational capacity and service offerings.
Euroseas Ltd. is dedicated to maintaining high standards of safety, efficiency, and environmental responsibility in all its operations. By leveraging its extensive experience and strategic investments in technology, the company aims to remain a leader in the global shipping industry.
Euroseas Ltd. (NASDAQ: ESEA) has announced the extension of charters for two of its container vessels, M/V EM Kea and M/V EM Hydra. The M/V EM Kea, a 3,100 TEU vessel, will enter a 36-month charter at a gross daily rate of $19,000 starting June 2023. Meanwhile, the M/V EM Hydra, a 1,740 TEU vessel, has secured a charter extension ranging from 12 to 15 months at a gross daily rate of $15,000, commencing in May 2023. These contracts will generate over $24 million in net charter revenues and contribute more than $13 million in EBITDA during the charter period. The company indicates a strong market for feeder containerships with an 85-90% charter coverage over the next year, supported by a recent market strengthening of 15-20%.
Euroseas Ltd. (NASDAQ:ESEA) announced the delivery of M/V Gregos, a new 2,800 TEU feeder containership, on April 6, 2023. Built by Hyundai Mipo Dockyard, the vessel complies with EEDI Phase 3 and features a Tier III engine with sustainability-linked enhancements, including AMP. The financing for the vessel was secured through a combination of internal funds and a sustainability-linked loan from Eurobank S.A. M/V Gregos has commenced a charter with Asyad Lines, expected to generate over $42 million in EBITDA, translating to approximately $6 per share. This delivery marks the first of nine vessels in the company's newbuilding program, which aims to grow Euroseas' environmentally friendly fleet, enhancing efficiency by over 40% compared to older models.
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