1. Euroseas secured three new charter contracts for feeder vessels. 2. Contracts are for 35-37 months at $30,000 per day. 3. Expected EBITDA generation of approximately $75 million. 4. Charter coverage increases significantly through 2028. 5. Strong demand for feeder container sector noted despite market uncertainties.
FAQ
Why Very Bullish?
New charter contracts increase revenue visibility and EBITDA, similar to past successes in the sector when companies secured long-term charters, typically leading to stock price increases.
How important is it?
The article outlines major contract wins that enhance revenue prospects, indicating positive future performance, making it highly relevant for ESEA stakeholders.
Why Long Term?
The new contracts last for several years, securing stable revenue streams into 2029, which is a positive signal for long-term investors.
Euroseas Ltd. Secures New Charter Contracts for Key Vessels
ATHENS, Greece, December 9, 2025 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA), a prominent operator in the container shipping industry, has announced the successful negotiation of charter contracts for three of its modern, fuel-efficient 2,800 TEU container vessels: M/V Leonidas Z, M/V Gregos, and M/V Terataki. The contracts will span a minimum of 35 months and a maximum of 37 months, commencing after the termination of their current charter agreements, with an attractive gross daily rate of $30,000.
Details of the New Charter Agreements
These new charters are set to initiate in the first, second, and third quarters of 2026. Aristides Pittas, Chairman and CEO of Euroseas, expressed optimism about these contracts, emphasizing the strong underlying demand in the feeder container segment despite current global market uncertainties.
- Charter Duration: 35 to 37 months
- Daily Charter Rate: $30,000
- Expected EBITDA Impact: Approximately $75 million over the contracted period
- Charter Coverage for Upcoming Years: 82.5% in 2026, 66.5% in 2027, 42% in 2028
Implications for Euroseas Ltd.
The new charter agreements significantly enhance Euroseas' revenue and earnings visibility, extending well into 2029. These contracts not only solidify the company's financial foundation but also allow management to focus on evaluating further growth opportunities within the booming container shipping sector.
The Euroseas Fleet Profile
Currently, Euroseas operates a diverse fleet consisting of 21 vessels, which includes 15 feeder containerships and 6 intermediate containerships, with a total cargo capacity of 61,144 TEU. Following the anticipated delivery of four new intermediate containerships in 2027 and 2028, the fleet size is expected to grow to 25 vessels, increasing total capacity to 79,080 TEU.
About Euroseas Ltd.
Established on May 5, 2005, Euroseas Ltd. is based in the Republic of the Marshall Islands and was formed to consolidate the shipping interests of the Pittas family of Athens, Greece. The company operates in the container shipping market and is listed on the NASDAQ under the ticker symbol ESEA. Operations are managed through Eurobulk Ltd., a certified ship management company dedicated to the commercial and technical management of Euroseas' vessels.
Forward-Looking Statements
This announcement may contain forward-looking statements concerning Euroseas Ltd.'s future operations and growth strategies. These statements involve risks and uncertainties that may impact actual results, including changes in demand for containerships and competitive market factors.
Contact Information
For investor relations and financial media inquiries, please contact:
- Tasos Aslidis, Chief Financial Officer
- Email: aha@euroseas.gr
- Nicolas Bornozis or Markella Kara, Capital Link, Inc.
- Email: euroseas@capitallink.com