ATHENS, Greece, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has agreed to sell M/V Akinada Bridge, a 5,610 teu intermediate containership vessel built in 2001, at a gross price of $14.2 million. The vessel is expected to be delivered to its buyers in the beginning of January 2023.
Fleet Profile
After the sale of M/V “Akinada Bridge”, the Euroseas Ltd. fleet and employment profile will be as follows: Name
Type
Dwt
TEU
Year Built
Employment(*)
TCE Rate ($/day)
Container Carriers MARCOS V
Intermediate
72,968
6,350
2005
TC until Dec-24$42,200plus 12 months optionoption $15,000SYNERGY BUSAN(*)Intermediate50,7264,2532009TC until Aug-24$25,000SYNERGY ANTWERP(+)Intermediate50,7264,2532008TC until Dec-23$18,000SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000 SYNERGY KEELUNG(+)
Intermediate
50,969
4,253
2009
TC until Feb-23
$14,500EMMANUEL P (ex-SEASPAN MELBOURNE) (*)Intermediate50,7964,2502005TC until Mar-25$19,000 RENA P (ex-SEASPAN MANILA)(*)
Intermediate
50,796
4,250
2007
TC until April-24$20,250 thenThen until Feb 25CONTEX(**) with $13,000 floor and $21,000 ceilingEM KEA(*)Feeder42,1653,1002007TC until May-23$22,000 EM ASTORIA(*)
Feeder
35,600
2,788
2004
TC until Feb-23$65,000then until Feb-24$50,000then until Feb-25$20,000EVRIDIKI G(*)Feeder34,6772,5562001TC until Feb-25$40,000EM CORFU(*)Feeder34,6542,5562001TC until Feb-25$40,000DIAMANTIS P(*)Feeder30,3602,0081998TC until Oct-24$27,000EM SPETSES(*)Feeder23,2241,7402007TC until Aug-24$29,500JONATHAN P (*)Feeder23,3571,7402006TC until Sep-24$26,662(***)EM HYDRA(*)Feeder23,3511,7402005TC until April-23$20,000JOANNA(*)Feeder22,3011,7321999TC until May-23$14,500AEGEAN EXPRESS(*)Feeder18,5811,4391997TC until Apr-25$41,000Total Container Carriers17666,03853,261 Vessels under constructionTypeDwtTEUTo be deliveredEmployment(*)TCE Rate ($/day)GREGOS (*)Feeder37,2372,800Q1 2023TC until Mar-26$48,000TERATAKI (*)Feeder37,2372,800Q2 2023TC until June-26$48,000TENDER SOULFeeder37,2372,800Q4 2023 LEONIDAS ZFeeder37,2372,800Q1 2024 MONICAFeeder22,2621,800Q1 2024 STEPHANIA KFeeder22,2621,800Q2 2024 PEPI STARFeeder22,2621,800Q2 2024 DEAR PANELFeeder37,2372,800Q4 2024 SYMEON PFeeder37,2372,800Q4 2024 Total under construction9290,20822,200 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 (+).(**)CONTEX stands for the Container Ship Time Charter Assessment Index.(***)Rate is net of commissions (commissions are typically 5-6.25%)
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 140 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.
After the sale of the M/V Akinada Bridge, the Company will have a fleet of 17 vessels comprising of 10 Feeder and 7 Intermediate containerships. Euroseas 17 containerships have a cargo capacity of 53,261 teu. On a fully-delivered basis of its vessels under construction, the Company’s fleet will increase to 26 containerships with a cargo capacity of about 75,461 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.grCompany ContactInvestor Relations / Financial Media Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: aha@euroseas.gr Nicolas Bornozis
Markella Kara
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, NY 10169
Tel. (212) 661-7566
E-mail: euroseas@capitallink.com