Euroseas Ltd. Announces a $23,000 per day Two-Year Charter for its 4,253 teu, 2009-built Vessel, M/V “Synergy Keelung”
05 April 2023 - 11:15PM
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 a new
charter of its container vessel M/V “Synergy Keelung”.
Specifically:
-
M/V “Synergy Keelung”, a 4,253 TEU vessel built in 2009, entered
into a new time charter contract for a period of between a minimum
of twenty-four and a maximum of twenty-six months at the option of
the charterer, at a gross daily rate of $23,000. The new charter
will commence in April 2023 immediately following the completion of
its current charter.
Aristides Pittas, Chairman and CEO of
Euroseas commented: “We are pleased to announce the new
charter of our vessel M/V Synergy Keelung with a first-class
charterer. We believe that both the rate and, especially, the
duration of the charter are indicative of the resilience of the
containership market which has firmed up after the adjustment that
took place over the last six months. M/V Synergy Keelung’s charter
will generate about $10m of EBITDA over the next two years
providing a higher contribution to our earnings per share than
previously expected.”
Fleet Profile:
After the new charter arrangements of M/V “Synergy Keelung”, the
Euroseas Ltd. fleet and employment profile will be as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/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 Apr-23TC until Apr-25 |
$14,500 $23,000 |
|
|
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-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 Aug-23 |
$13,000 |
|
Total Container Carriers |
17 |
666,038 |
53,261 |
|
|
|
|
|
|
|
|
|
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
|
GREGOS (*) |
Feeder |
37,237 |
2,800 |
Apr-2023 |
TC until Apr-26 |
$48,000 |
|
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
Jun-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. All dates listed are the
earliest redelivery dates under each time charter 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 (+).
(**) The CONTEX (Container Ship Time Charter
Assessment Index) has been published by the Hamburg and Bremen
Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a
company-independent index of time charter rates for container
ships. It is based on assessments of the current day charter rates
of six selected container ship types, which are representative of
their size categories: Type 1,100 TEU and Type 1,700 TEU with a
charter period of one year, and the Types 2,500, 2,700, 3,500 and
4,250 TEU all with a charter period of two years.
(***) 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.
The Company has a fleet of 17 vessels, including
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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