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

Rhea-AI Summary

Euroseas Ltd. (NASDAQ: ESEA) has secured a charter contract extension for its feeder containership M/V Jonathan P. The 1,740 TEU vessel, built in 2006, will continue its service for 11-12 months at a daily rate of $25,000, representing a $5,000 increase from its current rate. The new charter begins November 17, 2025.

The extension is expected to generate approximately $5.65 million in EBITDA over the minimum contracted period. This agreement strengthens Euroseas' charter coverage to 100% for the remainder of 2025 and approximately 70% for 2026. The company currently operates a fleet of 22 container carriers with a total capacity of 67,494 TEU, with 4 additional vessels under construction.

[ "Charter rate increased by $5,000 per day to $25,000", "Expected to generate $5.65 million in EBITDA over minimum contract period", "Achieves 100% charter coverage for remainder of 2025", "Secures 70% charter coverage for 2026" ]

Insights

Maritime Shipping Financial Analyst

Euroseas secures $5.65M EBITDA boost with rate increase for M/V Jonathan P amid strong container market conditions.

Euroseas' charter extension for its feeder containership M/V Jonathan P represents a 25% rate increase from $20,000 to $25,000 per day, signaling continued strength in the container shipping market. This 11-12 month extension will generate approximately $5.65 million in EBITDA, providing significant earnings visibility for the company.

The new contract strategically aligns with Euroseas' fleet management approach, extending 100% charter coverage through the remainder of 2025 and maintaining 70% coverage into 2026. This high charter coverage ratio demonstrates management's proactive approach to securing predictable cash flows in a historically volatile industry.

When examining Euroseas' broader fleet profile, this extension fits into a pattern of securing medium-term contracts at favorable rates. The company's 22-vessel fleet now shows impressive charter coverage, with most vessels contracted well into 2026-2028. The company is also expanding with 4 intermediate vessels under construction for delivery in 2027-2028, indicating confidence in long-term market fundamentals.

For investors, this charter extension, while modest in size compared to the company's larger vessels (the Jonathan P is only 1,740 TEU versus their largest at 6,350 TEU), still highlights Euroseas' ability to capitalize on the current market environment to secure improved terms. The $5,000 daily rate increase suggests that even for older, smaller vessels (Jonathan P was built in 2006), charter rates remain robust, potentially indicating sustained demand and limited supply in the container shipping sector.

ATHENS, Greece, Sept. 12, 2025 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of 11 to a maximum period of 12 months, at the option of the charterer, at a gross daily rate of $25,000, in direct continuation of its current charter representing a $5,000 per day increase over the vessel’s current rate. The new charter period will commence on November 17, 2025 and is expected to contribute about $5.65 million of EBITDA over the minimum contracted period; the charter will increase charter coverage of the Company’s fleet to 100% in the remainder of 2025 and about 70% in 2026.

Fleet Profile:
The Euroseas Ltd. fleet profile is currently as follows:

Name	Type	Dwt	TEU	Year Built	Employment (*)	TCE Rate ($/day)
Container Carriers
MARCOS V(+)(***)	Intermediate	72,968	6,350	2005	TC until Oct-25	$15,000
SYNERGY BUSAN(*)	Intermediate	50,727	4,253	2009	TC until Dec-27	$35,500
SYNERGY ANTWERP(*)	Intermediate	50,727	4,253	2008	TC until May-28	$35,500
SYNERGY OAKLAND(*)	Intermediate	50,788	4,253	2009	TC until May-26	$42,000
SYNERGY KEELUNG(*)	Intermediate	50,697	4,253	2009	TC until Jun-28	$35,500
EMMANUEL P(*)	Intermediate	50,796	4,250	2005	In Drydock, passing her special survey then TC until Sep-28	$38,000
RENA P(*)	Intermediate	50,765	4,250	2007	TC until Aug-28	$35,500
EM KEA(*)	Feeder	42,165	3,100	2007	TC until May-26	$19,000
GREGOS(*)	Feeder	38,733	2,800	2023	TC until Apr-26	$48,000
TERATAKI(*)	Feeder	38,733	2,800	2023	TC until Jul-26	$48,000
TENDER SOUL(*)	Feeder	38,733	2,800	2024	TC until Oct-27	$32,000
LEONIDAS Z(*)	Feeder	38,733	2,800	2024	TC until Mar-26	$20,000
DEAR PANEL	Feeder	38,733	2,800	2025	TC until Nov-27	$32,000
SYMEON P	Feeder	38,733	2,800	2025	TC until Nov-27	$32,000
EVRIDIKI G(*)	Feeder	34,654	2,556	2001	TC until Apr-26	$29,500
EM CORFU(*)	Feeder	34,649	2,556	2001	TC until Aug-26	$28,000
STEPHANIA K(*)	Feeder	22,563	1,800	2024	TC until May-26	$22,000
MONICA(*)	Feeder	22,563	1,800	2024	TC until May-27	$23,500
PEPI STAR(*)	Feeder	22,563	1,800	2024	TC until Jun-26	$24,250
EM SPETSES(*)	Feeder	23,224	1,740	2007	TC until Feb-26	$18,100
JONATHAN P(*)	Feeder	23,732	1,740	2006	TC until Nov-25 then TC until Oct-27	$20,000 $25,000
EM HYDRA(*)	Feeder	23,351	1,740	2005	TC until May-27	$19,000
Total Container Carriers on the Water	22	859,330	67,494

Vessels under construction	Type	Dwt	TEU	To be delivered	Employment	TCE Rate ($/day)
ELENA (H1711)	Intermediate	55,200	4,300	Q4 2027
NIKITAS G (H1712)	Intermediate	55,200	4,300	Q4 2027
YZJ2024-1768	Intermediate	55,200	4,300	Q1 2028
YZJ2024-1769	Intermediate	55,200	4,300	Q2 2028
Total under construction	4	220,800	17,200

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 (+).
(**) Rate is net of commissions (which are typically 5-6.25%)
(***) The vessel is sold and is expected to be delivered to its new owners in the fourth quarter of 2025

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 150 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.

The Company has a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,494 teu. After the sale of M/V Marcos V and the delivery of the four intermediate containership newbuildings in 2027 and 2028, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 78,344 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.gr

Company Contact	Investor 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

FAQ

What is the new charter rate for Euroseas' M/V Jonathan P vessel?

The M/V Jonathan P secured a new charter rate of $25,000 per day, representing a $5,000 increase from its previous rate.

How long is the new charter contract for ESEA's M/V Jonathan P?

The charter contract is for a minimum period of 11 months to a maximum of 12 months, starting from November 17, 2025.

What is Euroseas' fleet charter coverage for 2025-2026 after this contract?

Euroseas has achieved 100% charter coverage for the remainder of 2025 and approximately 70% coverage for 2026.

How much EBITDA will the M/V Jonathan P charter generate for ESEA?

The charter is expected to contribute approximately $5.65 million in EBITDA over the minimum contracted period.

What is the current size of Euroseas' container vessel fleet?

Euroseas operates 22 container carriers with a total capacity of 67,494 TEU, and has 4 additional vessels under construction.