Euroseas announced it has entered into a time charter contract for M/V Stephania K, a
newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $22,000. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on June 28, 2024.

The acquisition was financed with a combination of own funds and a US$22.5 million loan provided by the National Bank of Fujairah. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the sixth in a series of nine and second of our three 1,800 teu
units, with one of the largest liner companies, at a profitable rate level of $22,000/day for a period of two years.

This charter represents a significant improvement compared to recent fixtures, both in terms of rate and duration, as evidenced by our own fixture for its sister vessel, M/V Monica, at $16,000 for 12 months only a month ago. The present charter is expected to contribute about $11.0 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 90%.”