Euroseas announces a $19,000 per day Three year Charter for its 3,100 teu 2007 built Vessel MV EM Kea and 15,000 per day One Year Charter for its 1,740 teu 2005-built Vessel MV EM Hydra

April 28, 2023

Aristides Pittas, Chairman and CEO of Euroseas

Euroseas, an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced charter extensions for its container vessels, M/V Kea and MV Hydra.

Specifically:

M/V EM Kea, a 3,100 TEU vessel built in 2007, entered into a time charter contract extension for a period of thirty-six months, at a gross daily rate of $19,000. The new charter will commence in June 2023 immediately following the completion of its current charter.
M/V EM Hydra, a 1,740 TEU vessel built in 2005, entered into a new time charter contract extension for a period of between a minimum of twelve and a maximum of fifteen months at the option of the charterer, at a gross daily rate of $15,000. The new charter will commence in May 2023 immediately following the completion of its current charter.Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce these two new charters which reflect the recent strengthening of the feeder containership markets and bring our charter coverage over the next 12 months in the range of 85-90%. It is noteworthy that the recent strengthening of the market for some segments has been in the range of 15-20% from the market turning point observed about 3 months ago. Especially for our M/V Kea, the three-year charter we concluded at $19,000/day is higher than our previously expected level for the vessel. The two vessels combined secure in excess of $24m of net charter revenues and contribute in excess of $13m of EBITDA during the period of the charter extensions.”

Fleet Profile:

After the new charter arrangements of M/V EM Hydra and M/V EM Kea, 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
MARCOS V	Intermediate	72,968	6,350	2005	plus 12 months option	option $15,000
SYNERGY KEELUNG(*)	Intermediate	50,969	4,253	2009	TC until Apr-23 TC until Apr-25	$14,500 $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
RENA P (ex- SEASPAN MANILA)(*)	Intermediate	50,796	4,250	2007	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
EM KEA(*)	Feeder	42,165	3,100	2007	TC until May-26	$19,000

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
EM ASTORIA(*)	Feeder	35,600	2,788	2004	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 Apr-23	$20,000
EM HYDRA(*)	Feeder	23,351	1,740	2005	TC until Apr-24	$15,000
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	$

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