Euroseas Ltd. Announces the Sale of 5,610 teu Container Vessel, built in 2001
30 December 2022 - 12:30AM
Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner
and operator of container vessels and provider of seaborne
transportation for containerized cargoes, announced today that it
has agreed to sell M/V Akinada Bridge, a 5,610 teu intermediate
containership vessel built in 2001, at a gross price of $14.2
million. The vessel is expected to be delivered to its buyers in
the beginning of January 2023.
Fleet Profile
After the sale of M/V “Akinada Bridge”, the Euroseas Ltd. fleet
and employment profile will be as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
Container Carriers |
|
|
|
|
|
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24 |
$42,200 |
plus 12 months option |
option $15,000 |
SYNERGY BUSAN(*) |
Intermediate |
50,726 |
4,253 |
2009 |
TC until Aug-24 |
$25,000 |
SYNERGY ANTWERP(+) |
Intermediate |
50,726 |
4,253 |
2008 |
TC until Dec-23 |
$18,000 |
SYNERGY OAKLAND(*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until May-26 |
$42,000 |
SYNERGY KEELUNG(+) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until Feb-23 |
$14,500 |
EMMANUEL P (ex-SEASPAN MELBOURNE) (*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Mar-25 |
$19,000 |
RENA P (ex-SEASPAN MANILA)(*) |
Intermediate |
50,796 |
4,250 |
2007 |
TC until April-24 |
$20,250 then |
Then until Feb 25 |
CONTEX(**) with $13,000 floor and $21,000 ceiling |
EM KEA(*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-23 |
$22,000 |
EM ASTORIA(*) |
Feeder |
35,600 |
2,788 |
2004 |
TC until Feb-23 |
$65,000 |
then until Feb-24 |
$50,000 |
then until Feb-25 |
$20,000 |
EVRIDIKI G(*) |
Feeder |
34,677 |
2,556 |
2001 |
TC until Feb-25 |
$40,000 |
EM CORFU(*) |
Feeder |
34,654 |
2,556 |
2001 |
TC until Feb-25 |
$40,000 |
DIAMANTIS P(*) |
Feeder |
30,360 |
2,008 |
1998 |
TC until Oct-24 |
$27,000 |
EM SPETSES(*) |
Feeder |
23,224 |
1,740 |
2007 |
TC until Aug-24 |
$29,500 |
JONATHAN P (*) |
Feeder |
23,357 |
1,740 |
2006 |
TC until Sep-24 |
$26,662(***) |
EM HYDRA(*) |
Feeder |
23,351 |
1,740 |
2005 |
TC until April-23 |
$20,000 |
JOANNA(*) |
Feeder |
22,301 |
1,732 |
1999 |
TC until May-23 |
$14,500 |
AEGEAN EXPRESS(*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Apr-25 |
$41,000 |
Total Container Carriers |
17 |
666,038 |
53,261 |
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
GREGOS (*) |
Feeder |
37,237 |
2,800 |
Q1 2023 |
TC until Mar-26 |
$48,000 |
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
Q2 2023 |
TC until June-26 |
$48,000 |
TENDER SOUL |
Feeder |
37,237 |
2,800 |
Q4 2023 |
|
|
LEONIDAS Z |
Feeder |
37,237 |
2,800 |
Q1 2024 |
|
|
MONICA |
Feeder |
22,262 |
1,800 |
Q1 2024 |
|
|
STEPHANIA K |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
PEPI STAR |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
DEAR PANEL |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
SYMEON P |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
Total under construction |
9 |
290,208 |
22,200 |
|
|
|
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 (+). |
(**) |
CONTEX stands for the Container Ship Time Charter Assessment
Index. |
(***) |
Rate is net of commissions (commissions are typically
5-6.25%) |
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.
After the sale of the M/V Akinada Bridge, the
Company will have a fleet of 17 vessels comprising of 10 Feeder and
7 Intermediate containerships. Euroseas 17 containerships have a
cargo capacity of 53,261 teu. On a fully-delivered basis of its
vessels under construction, the Company’s fleet will increase to 26
containerships with a cargo capacity of about 75,461 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:
aha@euroseas.gr |
Nicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue,
Suite 1540New York, NY 10169Tel. (212) 661-7566E-mail:
euroseas@capitallink.com |
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