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Euroseas Ltd. Announces 3-year Charter Contracts for its Intermediate Containerships, M/V Synergy Antwerp and M/V Synergy Keelung
ESEAEuroseas(ESEA) GlobeNewswire·2025-02-03 21:05

Core Viewpoint - Euroseas Ltd. has announced new time charter contracts for two of its intermediate containerships, M/V Synergy Antwerp and M/V Synergy Keelung, for a minimum of 36 months at a gross daily rate of 35,500,reflectingstrongdemandinthecontainershippingmarket[1][2][3].CompanySummary−EuroseasLtd.operatesinthecontainershippingmarket,focusingontheownershipandoperationofcontainercarriervessels[7][8].−Thecompanywasformedin2005andtradesontheNASDAQunderthetickerESEA[7].−Followingaspin−offofthreesubsidiaries,Euroseaswillhaveafleetof22vessels,including15feederand7intermediatecontainerships,withatotalcapacityof67,494teu[9].CharterContracts−ThenewchartersforM/VSynergyAntwerpandM/VSynergyKeelungareexpectedtogenerateapproximately35,500, reflecting strong demand in the container shipping market [1][2][3]. Company Summary - Euroseas Ltd. operates in the container shipping market, focusing on the ownership and operation of container carrier vessels [7][8]. - The company was formed in 2005 and trades on the NASDAQ under the ticker ESEA [7]. - Following a spin-off of three subsidiaries, Euroseas will have a fleet of 22 vessels, including 15 feeder and 7 intermediate containerships, with a total capacity of 67,494 teu [9]. Charter Contracts - The new charters for M/V Synergy Antwerp and M/V Synergy Keelung are expected to generate approximately 57 million in EBITDA over the minimum contracted period [3]. - The contracts increase Euroseas' charter coverage to about 82% for 2025 and 45% for 2026 [3]. Fleet Profile - The fleet includes various intermediate and feeder containerships, with the M/V Synergy Antwerp and M/V Synergy Keelung expected to commence their charters in May and June 2025, respectively [5][9]. - The company is retrofitting the M/V Synergy Keelung with energy-saving devices, sharing the costs with the charterer [4]. Market Demand - There is a strong demand for feeder and intermediate size vessels, driven by a tight supply and an aging fleet, with a significant percentage of vessels over 20 years old [3].