Core Viewpoint - Euroseas Ltd. has secured a new time charter contract for its intermediate containership, M/V Emmanuel P, at a gross daily rate of $38,000 for a period of 36 to 38 months, reflecting the strength of the containership market and increasing future cash flow visibility [1][2]. Company Summary - Euroseas Ltd. operates in the container shipping market, managing a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships, with a total cargo capacity of 67,494 teu [7]. - The company is expected to generate over $32 million in EBITDA from the new charter contract, increasing charter coverage to approximately 97% for 2025, 67% for 2026, and 40% for 2027 [2]. - The average contracted daily rate for the company will rise to about $28,700 for the remainder of 2025, over $31,000 in 2026, and over $33,000 in 2027 [2]. Fleet Profile - After the new charter of M/V Emmanuel P, the fleet profile includes various intermediate and feeder containerships with different TCE rates, highlighting the company's diverse operational capabilities [3][4]. - The M/V Emmanuel P, built in 2005, will transition from a previous charter rate of $21,000 to the new rate of $38,000 upon completion of scheduled drydock and energy-saving device installations [1][3]. Future Outlook - Euroseas is set to expand its fleet to 23 vessels with a total carrying capacity of 69,744 teu after the delivery of two new intermediate containerships in 2027 [7]. - The company’s operations are managed by Eurobulk Ltd., which is responsible for the day-to-day commercial and technical management of the vessels [6].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Global | Shipping Equity Research April 28, 2025 Container Shipping: Global Trade Update We are introducing a collaborative report on the container industry and the ocean carriers covered by our analysts based in the US, Japan and China. We assess performance, market strategies and outlooks for the top players in the industry including Maersk, COSCO, MOL and others. Our global coverage provides an overview of container shipping trends, and we provide company- specific updates on ...

Investment Rating - The report maintains a cautious view on the container shipping sector, specifically placing Maersk underweight (UW) and highlighting downside risks for ZIM and Hapag-Lloyd as well [1][7]. Core Insights - The global container shipping industry is facing increased volatility, particularly in the Asia-North America trade lane, which accounts for approximately 17% of global containerized trade. Recent booking declines from China have been noted, with Hapag-Lloyd reporting a 30% year-over-year decrease in China-US bookings [1]. - Drewry has downgraded its demand forecast for 2025 to a -1% decline in container volume throughput, contrasting with a previous forecast of +3% in January. Supply growth is expected to rise by 5.4% in 2025, leading to a significant imbalance in the market [1][5]. - Drewry anticipates a 15% year-over-year decline in global freight rates for 2025, followed by an additional 18% decline in 2026. This forecast does not yet account for the potential return of capacity to the Suez Canal, which could exert further downward pressure on rates [1][5]. - The demand-supply outlook is increasingly negative, with Drewry projecting a 1% decline in container port handling volumes for 2025, driven by a 5.7% decrease in North America and a 4.5% decrease in China [1][5]. - The report indicates that while blank sailings have increased as a form of capacity management, rates have continued to decline, highlighting the challenges carriers face in maintaining schedule reliability and customer relationships [1][5]. Summary by Sections Demand and Supply Outlook - Drewry's Global Supply/Demand Index is under gradual pressure, with expectations of increased scrapping post-2026. However, order cancellations are rare, and delivery delays may occur [1][5]. - The report notes that the Asia-US contracting season is closing, with carriers offering discounts to maintain market share, despite spot rates declining since the beginning of the year [5]. Tariff and Policy Implications - The revised USTR charges on Chinese shipbuilding are viewed as less severe than initially proposed, with fees now applied based on net tonnage. Drewry advises shippers to resist accepting surcharges related to these fees [5][6]. Market Dynamics - The report highlights that the US import cliff has not yet materialized, with potential impacts expected to be seen from mid-May onwards. Utilization rates on key trade lanes have shown a material drop, indicating further challenges ahead [7][10].