Euroseas Ltd. Announces 2-Year Charter Contract Extension for its Feeder Containership, M/V Jonathan P
Rhea-AI Summary
Euroseas (NASDAQ: ESEA) announced a 2-year time charter contract extension for its 2006-built 1,740 TEU feeder containership M/V Jonathan P. The vessel will be fixed for a minimum of 24 and a maximum of 26 months, at the charterer’s option, at a gross daily rate of $26,000. The new charter will commence at the end of October 2026, immediately after the vessel’s scheduled dry-dock, in direct continuation of its current employment.
According to Euroseas, the charter is expected to generate approximately $12.7 million of EBITDA over the minimum period and raises the company’s charter coverage to about 97% for 2026, 86% for 2027 and 50% for 2028. Euroseas currently operates a fleet of 21 container carriers (15 feeder and 6 intermediate vessels) totaling 61,144 TEU, with 12 additional newbuildings scheduled for delivery between 2027 and 2029 that will increase its fleet to 33 vessels with 97,396 TEU of capacity.
Positive
- M/V Jonathan P charter extension for 24–26 months at $26,000/day starting end-October 2026
- Extension expected to add about $12.7 million of EBITDA over the minimum charter period
- Charter coverage increased to 97% (2026), 86% (2027) and 50% (2028)
- Current fleet of 21 vessels with 61,144 TEU and 12 newbuildings to reach 33 vessels and 97,396 TEU
Negative
- None.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 13 | 2Q26 earnings report | Positive | -0.1% | Strong quarterly profitability and dividend declaration preceded a -0.13% reaction. |
| Aug 10 | Earnings scheduling notice | Neutral | -0.6% | Company scheduled second-quarter results and an accompanying conference call. |
| Jul 24 | Annual meeting results | Neutral | -1.1% | Shareholders re-elected three directors and approved the independent auditor. |
| Jun 23 | Annual meeting notice | Neutral | -0.6% | Company announced the annual shareholder meeting date, location and voting record date. |
| Jun 15 | Feeder vessel order | Positive | -3.3% | Euroseas ordered two 1,800 TEU feeder containerships for December 2028 and March 2029 delivery. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
All five selected prior news events were followed by negative 24-hour reactions, including positive announcements.
Key Terms
time charter financial
teu technical
dry-dock technical
ebitda financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Aug. 25, 2026 (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 time charter contract extension for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce the extension of the time charter contract for our feeder containership, M/V Jonathan P, in direct continuation of her present charter, for 24-26 months at a profitable rate of
Fleet Profile:
The Euroseas Ltd. fleet profile is currently as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | |
| Container Carriers | |||||||
| SYNERGY BUSAN(*) | Intermediate | 50,727 | 4,253 | 2009 | TC until Dec-27 | ||
| SYNERGY ANTWERP(*) | Intermediate | 50,727 | 4,253 | 2008 | TC until May-28 | ||
| SYNERGY OAKLAND(*) | Intermediate | 50,788 | 4,253 | 2009 | TC until Mar-29 | ||
| SYNERGY KEELUNG(*) | Intermediate | 50,697 | 4,253 | 2009 | TC until Jun-28 | ||
| EMMANUEL P(*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Sep-28 | ||
| RENA P(*) | Intermediate | 50,765 | 4,250 | 2007 | TC until Jul-28 | ||
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until Jul-29 | ||
| GREGOS(*) | Feeder | 38,733 | 2,800 | 2023 | TC until Mar-29 | ||
| TERATAKI(*) | Feeder | 38,733 | 2,800 | 2023 | TC until Jun-29 | ||
| TENDER SOUL(*) | Feeder | 38,733 | 2,800 | 2024 | TC until Oct-27 | ||
| LEONIDAS Z (*) | Feeder | 38,733 | 2,800 | 2024 | TC until Apr-29 | ||
| DEAR PANEL | Feeder | 38,733 | 2,800 | 2025 | TC until Nov-27 | ||
| SYMEON P | Feeder | 38,733 | 2,800 | 2025 | TC until Nov-27 | ||
| EVRIDIKI G(+) | Feeder | 34,654 | 2,556 | 2001 | TC until Oct-26 | ||
| EM CORFU(*) | Feeder | 34,649 | 2,556 | 2001 | TC until Aug-26 | ||
| STEPHANIA K(*) | Feeder | 22,563 | 1,800 | 2024 | TC until Jul-28 | ||
| MONICA(*) | Feeder | 22,563 | 1,800 | 2024 | TC until May-27 | ||
| PEPI STAR(*) | Feeder | 22,563 | 1,800 | 2024 | TC until Aug-28 | ||
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-28 | ||
| JONATHAN P(*) | Feeder | 23,732 | 1,740 | 2006 | TC until Oct-26 then until Oct-28 | ||
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-27 | ||
| Total Container Carriers on the Water | 21 | 786,362 | 61,144 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) | |
| ELENA (**) | Intermediate | 56,266 | 4,484 | Q3 2027 | TC until Jun-31 | ||
| NIKITAS G (**) | Intermediate | 56,266 | 4,484 | Q4 2027 | TC until Sep-31 | ||
| THRYLOS (**)(***) | Intermediate | 56,266 | 4,484 | Q1 2028 | TC until Feb-32 | ||
| SOCRATES CH (**) | Intermediate | 56,266 | 4,484 | Q2 2028 | TC until Apr-32 | ||
| DANAI | Feeder | 35,100 | 2,798 | Q2 2028 | |||
| NENI | Feeder | 35,100 | 2,798 | Q3 2028 | |||
| SPYROS CH | Feeder | 23,850 | 1,781 | Q2 2028 | |||
| GAVROS | Feeder | 23,850 | 1,781 | Q3 2028 | |||
| TONIS M | Feeder | 35,100 | 2,798 | Q4 2028 | |||
| SWEET EVELINA | Feeder | 35,100 | 2,798 | Q1 2029 | |||
| MANGY | Feeder | 23,850 | 1,781 | Q4 2028 | |||
| PANTELIS LUCK | Feeder | 23,850 | 1,781 | Q3 2029 | |||
| Total under construction | 12 | 460,864 | 36,252 | ||||
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 (+).
(**) Charterer has the option to convert to a five-year charter at
(***) The entity owning the vessel is
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 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 33 vessels with a total carrying capacity of 97,396 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 |
