Euroseas, an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has agreed to acquire M/V Seaspan Manila and M/V Seaspan Melbourne both intermediate size container vessels with capacity of 4,250 teu each built in 2007 and 2005, respectively. The vessels are being acquired for a combined price of $37 million. The Company will also assume the existing charter arrangements of the vessels. Both acquisitions will be initially financed with the Company’s own funds.
Specifically:
- M/V Seaspan Manila is expected to be delivered to the Company within July 2022 and has a charter contract until February 2025 at a rate which is $20,250 per day until April 2024 and, subsequently, based on the CONTEX index with a floor of $13,000 per day and a ceiling of $21,000 per day until the end of the charter period.
- M/V Seaspan Melbourne is expected to be delivered to the Company within June 2022 and has a charter contract until March 2025 at a rate of $19,000 per day.Aristides Pittas, Chairman and CEO of Euroseas commented:
“We are pleased to announce the acquisition of M/V Seaspan Manila and M/V Seaspan Melbourne, two intermediate containerships built in 2007 and 2005, respectively, along with their existing approximately two years and three quarters long charters. These charters are expected to contribute in excess of about $20 million of EBITDA, bringing the cost basis of the vessels to scrap price levels by the end of the charters while providing a significant contribution to our profitability. Furthermore, depending on the market after the end of the charters in early 2025, we may enjoy significant additional upside if the containership markets are even just at historically average levels. As we have stated in the past, our fleet growth strategy is focused on acquisitions with such a low risk profile alongside our newbuilding program.“After the delivery of the above vessels, we will have a fleet of eighteen containerships on the water and a newbuilding program of seven feeder containerships which are expected to be completed between the first quarter of 2023 and the second quarter of 2024, expanding our footprint in the sector and solidifying our position as the main US publicly listed company focusing on feeder and intermediate container vessels.”
Fleet Profile:
After the acquisition of M/V “Seaspan employment profile will be as follows:
Container Carriers
Melbourne” and M/V “Seaspan Manila”, the Euroseas Ltd. fleet and
|
Name |
Type |
Dwt |
TEU |
Year Built |
Employment (*) |
TCE Rate ($/day) |
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24 plus 12 months option |
$42,200 option $15,000 |
|
AKINADA BRIDGE(*) |
Intermediate |
71,366 |
5,610 |
2001 |
TC until Oct-22 |
$20,000 |
|
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-22 then until May-26 |
$180,000 $42,000 |
|
SYNERGY KEELUNG(+) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until Jun-22 then until Feb-23 |
$11,750 $14,500 |
|
SEASPAN MELBOURNE(*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Mar-25 |
$19,000 |
|
SEASPAN MANILA (*) |
Intermediate |
50,796 |
4,250 |
2007 |
TC until April-24 Then until Feb 25 |
$20,250 CONTEX(**) basis 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 then until Feb-24 then until Feb-25 |
$65,000 $50,000 $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 Oct-22 |
$16,800 |
|
AEGEAN EXPRESS(*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Apr-25 |
$41,000 |
Total Container Carriers Vessels under construction
H4201 H4202 H4236 H4237 H4248 H4249 H4250
18 737,404 58,871 Type Dwt TEU
Feeder 37,237 2,800 Feeder 37,237 2,800 Feeder 37,237 2,800 Feeder 37,237 2,800 Feeder 22,262 1,800 Feeder 22,262 1,800 Feeder 22,262 1,800
To be delivered
Q1 2023 Q2 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2024 Q2 202
