Euroseas Ltd. Announces 3-Year Forward Charter Contracts for Three of its Modern 2,800 TEU Containerships
ATHENS, Greece, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA, the "Company" or "Euroseas")), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today new charter contracts for three of its modern fuel-efficient 2,800 teu container vessels, M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters will be for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross daily rate of $30,000. The new charter periods are expected to commence directly after the redelivery of their present charters, during the first, second and third quarters of 2026.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to announce new charter contracts for three of our modern, South Korea-built, 2,800 teu feeder containerships with a top-tier charterer for 35-37 months at a profitable rate of $30,000. These fixtures demonstrate the strong underlying demand for the feeder container segment, helping to keep the charter market for such vessels at high levels and firm despite global uncertainties. Securing these charters greatly increases our revenue and earnings visibility well into 2029, allowing us to concentrate on evaluating further growth opportunities. The charters are expected to generate approximately $75 million of EBITDA over the minimum contracted period and increase our charter coverage for 2026, 2027, and 2028 to approximately 82.5%, 66.5% and 42% respectively."
Fleet Profile:
The Euroseas Ltd. fleet profile is currently as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | |
Container Carriers | |||||||
| SYNERGY BUSAN(*) | Intermediate | 50,727 | 4,253 | 2009 | TC until Dec-27 | $35,500 | |
| SYNERGY ANTWERP(*) | Intermediate | 50,727 | 4,253 | 2008 | TC until May-28 | $35,500 | |
| SYNERGY OAKLAND(*) | Intermediate | 50,788 | 4,253 | 2009 | TC until May-26 Then until Mar-2029 | $42,000 $33,500 | |
| SYNERGY KEELUNG(*) | Intermediate | 50,697 | 4,253 | 2009 | TC until Jun-28 | $35,500 | |
| EMMANUEL P(*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Sep-28 | $38,000 | |
| RENA P(*) | Intermediate | 50,765 | 4,250 | 2007 | TC until Aug-28 | $35,500 | |
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | $19,000 | |
| GREGOS(*) | Feeder | 38,733 | 2,800 | 2023 | TC until Apr-26 Then until Mar-29 | $48,000 $30,000 | |
| TERATAKI(*) | Feeder | 38,733 | 2,800 | 2023 | TC until Jul-26 Then until Jun-29 | $48,000 $30,000 | |
| TENDER SOUL(*) | Feeder | 38,733 | 2,800 | 2024 | TC until Oct-27 | $32,000 | |
| LEONIDAS Z(*) | Feeder | 38,733 | 2,800 | 2024 | TC until Mar-26 Then until Feb-29 | $20,000 $30,000 | |
| DEAR PANEL | Feeder | 38,733 | 2,800 | 2025 | TC until Nov-27 | $32,000 | |
| SYMEON P | Feeder | 38,733 | 2,800 | 2025 | TC until Nov-27 | $32,000 | |
| EVRIDIKI G(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Apr-26 | $29,500 | |
| EM CORFU(*) | Feeder | 34,649 | 2,556 | 2001 | TC until Aug-26 | $28,000 | |
| STEPHANIA K(*) | Feeder | 22,563 | 1,800 | 2024 | TC until May-26 | $22,000 | |
| MONICA(*) | Feeder | 22,563 | 1,800 | 2024 | TC until May-27 | $23,500 | |
| PEPI STAR(*) | Feeder | 22,563 | 1,800 | 2024 | TC until Jun-26 | $24,250 | |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | $18,100 | |
| JONATHAN P(*) | Feeder | 23,732 | 1,740 | 2006 | TC until Oct-26 | $25,000 | |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-27 | $19,000 | |
Total Container Carriers on the Water | 21 | 786,362 | 61,144 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) | |
| ELENA (H1711) (**) | Intermediate | 56,266 | 4,484 | Q3 2027 | TC until Jun-31 | $35,500 | |
| NIKITAS G (H1712) (**) | Intermediate | 56,266 | 4,484 | Q4 2027 | TC until Sep-31 | $35,500 | |
| YZJ2024-1768 (**) | Intermediate | 56,266 | 4,484 | Q1 2028 | TC until Feb-32 | $35,500 | |
| YZJ2024-1769 (**) | Intermediate | 56,266 | 4,484 | Q2 2028 | TC until Apr-32 | $35,500 | |
| Total under construction | 4 | 225,063 | 17,936 | ||||
Notes:
(*)TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC 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 charterer has the option until Nov-2026 to extend the charters by one year with the rate for the five-year period becoming $32,500/day.
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 150 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 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate containership newbuildings in 2027 and 2028, respectively, Euroseas' fleet will consist of 25 vessels with a total carrying capacity of 79,080 teu.
Forward Looking Statement
This 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 Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail:aha@euroseas.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail:euroseas@capitallink.com |
