Euroseas Ltd. Announces 2-Year Charter Contract Extension for its Feeder Containership, EM Spetses

Rhea-AI Summary

Euroseas (NASDAQ: ESEA) extended the time charter for its 2007-built 1,740 TEU feeder EM Spetses for a minimum of 22 and up to 24 months starting April 12, 2026, at a gross daily rate of $21,500, an increase of over $3,000 versus the prior rate.

The company estimates the fixture will generate about $8.9 million EBITDA over the minimum period and raises charter coverage to approximately 87% for 2026, 71% for 2027, and 41% for 2028.

Positive

• Daily rate increased by >$3,000 to $21,500
• Estimated EBITDA of $8.9 million over the minimum 22 months
• Charter coverage raised to ~87% (2026) and ~71% (2027)

Negative

• Charterer-controlled term: minimum 22 months, option up to 24 months
• Vessel age: EM Spetses built in 2007, older feeder in fleet

Key Figures

Charter rate EM Spetses: $21,500/day Daily rate increase: Over $3,000/day EBITDA from charter: About $8.9M +5 more

8 metrics

Charter rate EM Spetses $21,500/day New 22–24 month time charter starting Apr 12, 2026

Daily rate increase Over $3,000/day Increment versus EM Spetses’ current charter rate

EBITDA from charter About $8.9M Expected over minimum 22‑month contracted period

2026 charter coverage About 87% Coverage after EM Spetses charter extension

2027 charter coverage About 71% Coverage after EM Spetses charter extension

2028 charter coverage About 41% Coverage after EM Spetses charter extension

Fleet on the water 21 vessels, 61,144 TEU Total container carriers currently operating

Vessels under construction 4 vessels, 17,936 TEU Intermediate containerships with charters to 2031–2032

Market Reality Check

Price: $57.46 Vol: Volume 39,684 vs 20-day a...

normal vol

$57.46 Last Close

Volume Volume 39,684 vs 20-day average 30,144 (relative volume 1.32x) indicates elevated interest ahead of this charter update. normal

Technical Price $56.68 is trading above the 200-day MA of $52.63, reflecting a pre-news uptrend already in place.

Peers on Argus

ESEA gained 5.94% while peers were mixed: SB +1.39%, GNK +3.17%, PANL +0.8%, ECO...

ESEA gained 5.94% while peers were mixed: SB +1.39%, GNK +3.17%, PANL +0.8%, ECO +1.03%, ASC -0.08%. The stronger move in ESEA versus modest peer changes points to company-specific reaction to the charter extension rather than a broad Marine Shipping rally.

Historical Context

5 past events · Latest: Dec 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	Multi-year charters	Positive	+0.3%	Three 2,800 TEU ships fixed on 3-year charters at $30,000/day.
Nov 18	Earnings & dividends	Positive	-9.4%	Strong Q3 2025 results, dividend, and forward charters across five vessels.
Nov 12	Earnings date set	Neutral	+2.7%	Announcement of Q3 2025 results release date and conference call.
Sep 12	Charter extension	Positive	+1.4%	M/V Jonathan P charter extended 11–12 months at $25,000/day, higher rate.
Aug 25	Newbuild orders	Positive	-4.0%	Order for two 4,300 TEU newbuilds costing $59.25M each for 2028 delivery.

Pattern Detected

Recent charter and growth announcements have generally been viewed positively, but market reactions have been mixed, with some strong fundamental updates met by pullbacks.

Recent Company History

Over the last six months, Euroseas has focused on locking in multi‑year charter coverage and expanding its eco‑design fleet. On Aug 25, 2025, it ordered two additional 4,300 TEU vessels, followed by a Sep 12, 2025 charter extension for M/V Jonathan P that boosted 2025–2026 coverage. Strong Q3 2025 results and multi‑year forward charters were reported on Nov 18, 2025, and on Dec 9, 2025 the company secured three 3‑year charters at $30,000/day. Today’s EM Spetses charter extension continues this strategy of de‑risking revenues via long‑term fixtures.

Market Pulse Summary

This announcement extends Euroseas’ strategy of de‑risking cash flows through multi‑year charters. T...

Analysis

This announcement extends Euroseas’ strategy of de‑risking cash flows through multi‑year charters. The EM Spetses contract at $21,500/day, expected to add about $8.9M of EBITDA and lift coverage to roughly 87% for 2026 and 71% for 2027, supports earnings visibility. Combined with existing forward charters and vessels under construction, investors may focus on how future fixtures, counterparty risk, and container demand trends affect the durability of these contracted cash flows.

Key Terms

time charter, teu, ebitda

3 terms

time charter financial

"announced today a new time charter contract for its 2007-built 1,740 teu"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

teu technical

"a new time charter contract for its 2007-built 1,740 teu feeder containership"

TEU stands for twenty-foot equivalent unit, a standard measure of containerized cargo capacity equal to one 20-foot long shipping container. Investors use TEUs to compare the size, throughput and utilization of ships, ports and logistics networks—think of it as counting parking spots for containers—which affects revenue potential, shipping costs and the flow of goods that influence supply chains and company earnings.

ebitda financial

"The charter is expected to generate about $8.9 million of EBITDA over"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Feb. 11, 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 new time charter contract for its 2007-built 1,740 teu feeder containership, EM Spetses, for a minimum period of 22 to a maximum period of 24 months, at the option of the charterer, at a gross daily rate of $21,500. The new charter period will commence on April 12, 2026, in direct continuation of its present charter, and represents a daily increase of over $3,000 over the vessel’s current rate.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to that we have extended the time charter contract for our 2007-built EM Spetses with a top-class charterer, in direct continuation of its present charter, for 22-24 months at a profitable rate of $21,500. This fixture highlights that despite the upcoming Lunar New Year holidays, activity across the feeder segment remains firm, as operators move to secure their requirements amid a tight container chartering market with very limited tonnage availability. The charter is expected to generate about $8.9 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 87%, 71% and 41% respectively.”

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	$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 Then until Mar-2029	$42,000 $33,500
SYNERGY KEELUNG(*)	Intermediate	50,697	4,253	2009	TC until Jun-28	$35,500
EMMANUEL P(*)	Intermediate	50,796	4,250	2005	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 Then until Mar-29	$48,000 $30,000
TERATAKI(*)	Feeder	38,733	2,800	2023	TC until Jul-26 Then until Jun-29	$48,000 $30,000
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 Then until Feb-29	$20,000 $30,000
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 Apr-26 then until Feb-28	$18,100 $21,500
JONATHAN P(*)	Feeder	23,732	1,740	2006	TC until Oct-26	$25,000
EM HYDRA(*)	Feeder	23,351	1,740	2005	TC until May-27	$19,000
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 (H1711) (**)	Intermediate	56,266	4,484	Q3 2027	TC until Jun-31	$35,500
NIKITAS G (H1712) (**)	Intermediate	56,266	4,484	Q4 2027	TC until Sep-31	$35,500
YZJ2024-1768 (**)	Intermediate	56,266	4,484	Q1 2028	TC until Feb-32	$35,500
YZJ2024-1769 (**)	Intermediate	56,266	4,484	Q2 2028	TC until Apr-32	$35,500
Total under construction	4	225,063	17,936

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 (+).
(**) The charterer has the option until Nov-2026 to extend the charters by one year with the rate for the five-year period becoming $32,500/day.

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 containership newbuildings in 2027 and 2028, respectively, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 79,080 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 are the terms of Euroseas's (ESEA) EM Spetses charter extension?

The charter extension runs for a minimum of 22 months and up to 24 months. According to the company, it starts April 12, 2026, at a gross daily rate of $21,500, in direct continuation of the vessel's existing charter.

How much EBITDA will the EM Spetses charter generate for ESEA?

The charter is expected to generate about $8.9 million of EBITDA over the minimum contracted period. According to the company, this estimate covers the 22-month minimum term at the agreed $21,500/day rate.

How does the new ESEA charter rate for EM Spetses compare to its prior rate?

The new rate represents an increase of over $3,000 per day versus the vessel's current rate. According to the company, the gross daily rate rises to $21,500 from the previous $18,100 level shown in the fleet table.

What impact does the EM Spetses fixture have on Euroseas's charter coverage (ESEA)?

The fixture increases charter coverage to about 87% in 2026, 71% in 2027 and 41% in 2028. According to the company, the new contract directly improves near-term fleet coverage metrics.

When does the EM Spetses new charter commence for Euroseas (ESEA)?

The new charter commences on April 12, 2026, in direct continuation of the current charter. According to the company, this start date avoids any off-hire gap between contracts.