Euroseas Ltd. Announces 1-year Charter Contract Extension for its Feeder Containership, M/V Jonathan P

Company Overview - Euroseas Ltd. is an owner and operator of container carrier vessels, providing seaborne transportation for containerized cargoes [4] - The company was formed on May 5, 2005, under the laws of the Republic of the Marshall Islands and trades on NASDAQ under the ticker ESEA [4] Recent Developments - Euroseas announced a new time charter contract for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum of 11 to a maximum of 12 months at a gross daily rate of $25,000, which is a $5,000 increase over the current rate [1] - The new charter period will commence on November 17, 2025, and is expected to contribute approximately $5.65 million of EBITDA over the minimum contracted period [1] - This charter will increase the charter coverage of the company's fleet to 100% for the remainder of 2025 and about 70% for 2026 [1] Fleet Profile - Euroseas operates a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships, with a total cargo capacity of 67,494 teu [6] - After the sale of M/V Marcos V and the delivery of four new intermediate containerships in 2027 and 2028, the fleet will consist of 25 vessels with a total carrying capacity of 78,344 teu [6] Management and Operations - Euroseas' operations are managed by Eurobulk Ltd., which is responsible for the day-to-day commercial and technical management of the vessels [5] - The company employs its vessels on spot and period charters and through pool arrangements [5]