Euroseas Ltd. Announces 2-year Charter Contract Extension for its Feeder Containership, M/V EM Hydra

Core Viewpoint - Euroseas Ltd. has announced a new time charter contract for its feeder containership M/V EM Hydra, extending the contract for 24 to 26 months at a gross daily rate of $19,000, which is expected to commence on May 1, 2025 [1][2]. Company Summary - Euroseas Ltd. operates in the container shipping market, focusing on the ownership and operation of container carrier vessels [6]. - The company has a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships, following the spin-off of three subsidiaries into Euroholdings Ltd. [7]. - The total cargo capacity of Euroseas' fleet is 67,494 TEU, which will increase to 76,094 TEU after the delivery of two new intermediate containerships in 2027 [8]. Financial Impact - The new charter for M/V EM Hydra is expected to contribute approximately$7.3 million in EBITDA over the minimum contracted period [2]. - The charter coverage for 2025 is projected to reach about 85%, while the coverage for 2026 is expected to be around 50% [2]. Fleet Profile - The fleet includes various types of vessels with different employment statuses and time charter rates, with the M/V EM Hydra being a feeder vessel built in 2005, now under a new charter rate of $19,000 per day [3][4].