Euroseas Ltd. Announces Delivery of M/V Gregos, an Eco 2,800 teu Feeder Containership Newbuilding, and Commencement of the Vessel’s Charter
11 April 2023 - 6:05AM
Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container
vessels and provider of seaborne transportation for containerized
cargoes, announced today that on April 6, 2023, it has taken
delivery of its M/V Gregos, an eco 2,800 teu feeder containership
newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The
vessel is EEDI Phase 3 compliant and equipped with a Tier III
engine and other sustainability linked features including
installation of AMP (alternative maritime power). The acquisition
was financed with a combination of own funds and a
sustainability-linked loan provided by Eurobank S.A. Following its
delivery, M/V Gregos commenced a thirty-six to forty month charter
with Asyad Lines.
Aristides Pittas, Chairman and CEO of
Euroseas commented: "We are very pleased to have
taken delivery of M/V Gregos, the first vessel from our nine-vessel
newbuilding program which includes five additional 2,800 teu and
three 1,800 teu units all modern fuel efficient, eco-design vessels
with Tier III engines. M/V Gregos has already started a charter
that is expected to contribute in excess of $42 million of EBITDA
(or, about $6 of EBITDA per share) to the company over its
duration.
“Following the containership market’s rebound
during 2021 and 2022, our overall strategy has been to grow the
company in a manner that creates value for our shareholders and
adheres to our ESG commitment of having a more environmentally
friendly fleet. In that respect, it is noteworthy that M/V Gregos
and the rest of our newbuildings are 40%+ more efficient than the
previous generation of similar size non-eco ships. We look forward
to the delivery of the remaining of our newbuildings and continue
to monitor the markets to identify accretive opportunities for our
shareholders.”
Fleet Profile:
After the delivery of M/V Gregos, the Euroseas Ltd. fleet and
employment profile will be as follows:
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/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 KEELUNG(*) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until
Apr-23 |
$14,500 |
TC until
Apr-25 |
$23,000 |
SYNERGY OAKLAND(*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until May-26 |
$42,000 |
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 |
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 |
EMMANUEL P (ex-SEASPAN MELBOURNE) (*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Mar-25 |
$19,000 |
EM KEA(*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-23 |
$22,000 |
GREGOS (*) |
Feeder |
37,237 |
2,800 |
2023 |
TC until Apr-26 |
$48,000 |
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 |
$13,000 |
Total Container Carriers |
18 |
703,275 |
56,061 |
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
Jun-23 |
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 |
8 |
252,971 |
19,400 |
|
|
|
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 18 vessels, including
11 Feeder and 7 Intermediate containerships. Euroseas 18
containerships have a cargo capacity of 56,061 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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