ATHENS, Greece, Aug. 25, 2026 (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 a time charter contract extension for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $26,000. The new period will commence at the end of October 2026, following the completion of the vessel's scheduled dry-dock, and will run in direct continuation of the current charter contract.
Aristides Pittas, Chairman and CEO of Euroseas, commented:"We are very pleased to announce the extension of the time charter contract for our feeder containership, M/V Jonathan P, in direct continuation of her present charter, for 24-26 months at a profitable rate of $26,000/day. Despite the typical summer slowdown and ongoing geopolitical uncertainty, the containership charter market has remained active with strong operator demand and limited vessel availability continuing to firm charter terms both in terms of rates and contract periods. The charter is expected to generate approximately $12.7 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 97%, 86% and 50%, respectively."
Fleet Profile:
The Euroseas Ltd. fleet profile is currently as follows:
Name
Type
Dwt
TEU
Year
Built
Employment (*)
TCE Rate ($/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 Mar-29
$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 Jul-28
$35,500
EM KEA(*)
Feeder
42,165
3,100
2007
TC until Jul-29
$30,000
GREGOS(*)
Feeder
38,733
2,800
2023
TC until Mar-29
$30,000
TERATAKI(*)
Feeder
38,733
2,800
2023
TC until Jun-29
$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 Apr-29
$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 Oct-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 Jul-28
$25,500
MONICA(*)
Feeder
22,563
1,800
2024
TC until May-27
$23,500
PEPI STAR(*)
Feeder
22,563
1,800
2024
TC until Aug-28
$25,500
EM SPETSES(*)
Feeder
23,224
1,740
2007
TC until Feb-28
$21,500
JONATHAN P(*)
Feeder
23,732
1,740
2006
TC until Oct-26
then until Oct-28
$25,000
$26,000
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 (**)
Intermediate
56,266
4,484
Q3 2027
TC until Jun-31
$35,500
NIKITAS G (**)
Intermediate
56,266
4,484
Q4 2027
TC until Sep-31
$35,500
THRYLOS (**)(***)
Intermediate
56,266
4,484
Q1 2028
TC until Feb-32
$35,500
SOCRATES CH (**)
Intermediate
56,266
4,484
Q2 2028
TC until Apr-32
$35,500
DANAI
Feeder
35,100
2,798
Q2 2028
NENI
Feeder
35,100
2,798
Q3 2028
SPYROS CH
Feeder
23,850
1,781
Q2 2028
GAVROS
Feeder
23,850
1,781
Q3 2028
TONIS M
Feeder
35,100
2,798
Q4 2028
SWEET EVELINA
Feeder
35,100
2,798
Q1 2029
MANGY
Feeder
23,850
1,781
Q4 2028
PANTELIS LUCK
Feeder
23,850
1,781
Q3 2029
Total under construction
12
460,864
36,252
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 (+).
(**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period.
(***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.
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 and eight feeder containership newbuildings between 2027 and 2029, Euroseas' fleet will consist of 33 vessels with a total carrying capacity of 97,396 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 |
Nicolas Bornozis |
