Euroseas Ltd. Announces 3-Year Forward Charter Contracts for Three of its Modern 2,800 TEU Containerships

Rhea-AI Summary

Euroseas (NASDAQ: ESEA) secured new 3-year (35–37 months) time charters for three modern 2,800 TEU feeders — M/V Leonidas Z, M/V Gregos, and M/V Terataki — at a gross rate of $30,000/day. The charters start after current redeliveries in Q1–Q3 2026 and are with a single top-tier charterer. Euroseas estimates the contracts will generate approximately $75 million of EBITDA over the minimum period and raise charter coverage to roughly 82.5% (2026), 66.5% (2027), and 42% (2028), increasing near-term revenue and earnings visibility into 2029.

Positive

• Estimated EBITDA of $75 million over minimum contracted period
• Charter coverage increases to 82.5% in 2026
• New 35–37 month charters at $30,000/day
• Modern, fuel-efficient 2,800 TEU vessels (built 2023–2024)

Negative

• Charter coverage drops to 42% by 2028
• TCE reduction from $48,000 to $30,000/day for three vessels
• Counterparty concentration: three vessels with one charterer

Key Figures

Charter rate $30,000/day New 35–37 month charters for three 2,800 TEU vessels starting 2026

EBITDA from charters $75 million Expected over minimum contracted period for three new charters

2026 charter coverage 82.5% Coverage after including new three-vessel charters

2027 charter coverage 66.5% Coverage after including new three-vessel charters

2028 charter coverage 42% Coverage after including new three-vessel charters

Total vessels on water 21 vessels Current Euroseas container carrier fleet

Fleet capacity on water 61,144 TEU Total capacity of 21 operating container carriers

Vessels under construction 4 vessels Intermediate containerships delivering 2027–2028

Market Reality Check

$58.83 Last Close

Volume Volume 50,210 is 27% above the 20-day average of 39,589. normal

Technical Price $61.44 is trading above the 200-day MA of $47.49, indicating a pre-news uptrend.

Peers on Argus

Peers in Marine Shipping showed mixed moves: SB -1.31%, ASC +0.09%, PANL +0.56%, GNK -2.74%, ECO -1.66%, suggesting today’s slight -0.56% move in ESEA is more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 18	Earnings & charters	Positive	-9.4%	Strong Q3 results, dividend, buybacks, and multi-year forward charters.
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%	Higher-rate 11–12 month charter for M/V Jonathan P, boosting EBITDA and coverage.
Aug 25	Newbuild orders	Neutral	-4.0%	Order of two 4,300 TEU eco vessels for 2028 delivery, financed with debt and equity.
Aug 13	Earnings update	Positive	+10.0%	Strong Q2 and first-half 2025 results with higher dividend and buybacks.

Pattern Detected

ESEA has generally reacted positively to operational and earnings updates, with one notable selloff after strong Q3 results, suggesting occasional profit-taking or positioning shifts after good news.

Recent Company History

Over the last six months, Euroseas has combined strong financial performance with fleet growth and charter de-risking. Q2 and Q3 2025 results showed robust net revenues and net income with dividends and buybacks. The company ordered additional 4,300 TEU eco vessels and secured extensions like the M/V Jonathan P charter, boosting EBITDA and lifting coverage to 100% for 2025 and about 70% for 2026. The latest three-vessel forward charters continue this theme of locking in multi‑year earnings visibility.

Market Pulse Summary

This announcement adds three 35–37 month charters at $30,000/day for modern 2,800 TEU feeders, expected to generate about $75 million of EBITDA and lift charter coverage to 82.5% for 2026, 66.5% for 2027 and 42% for 2028. In recent quarters, Euroseas has paired strong earnings with newbuild orders and forward fixtures, steadily increasing revenue visibility. Investors may watch future charter activity, fleet expansion commitments, and how coverage evolves against container market cycles.

Key Terms

teu technical

"fuel-efficient 2,800 teu container vessels, M/V Leonidas Z, M/V Gregos"

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 charters are expected to generate approximately $75 million of EBITDA"

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.

time charter financial

"Notes:(*)TC denotes time charter."

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.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Dec. 09, 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 new 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. All three charters will be for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross daily rate of $30,000. The new charter periods are expected to commence directly after the redelivery of their present charters, during the first, second and third quarters of 2026.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce new charter contracts for three of our modern, South Korea-built, 2,800 teu feeder containerships with a top-tier charterer for 35-37 months at a profitable rate of $30,000. These fixtures demonstrate the strong underlying demand for the feeder container segment, helping to keep the charter market for such vessels at high levels and firm despite global uncertainties. Securing these charters greatly increases our revenue and earnings visibility well into 2029, allowing us to concentrate on evaluating further growth opportunities. The charters are expected to generate approximately $75 million of EBITDA over the minimum contracted period and increase our charter coverage for 2026, 2027, and 2028 to approximately 82.5%, 66.5% and 42% 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 Feb-26	$18,100
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 did Euroseas (ESEA) announce on December 9, 2025 about new charters?

Euroseas announced 35–37 month charters for three 2,800 TEU vessels at $30,000/day, starting after redelivery in Q1–Q3 2026.

How much EBITDA will the new ESEA charters generate for the minimum period?

The company expects the three charters to generate approximately $75 million of EBITDA over the minimum contracted period.

How do the new charters affect Euroseas' fleet coverage for 2026–2028?

Charter coverage is expected to increase to roughly 82.5% (2026), 66.5% (2027), and 42% (2028).

When will the new charters for ESEA's vessels begin and which vessels are involved?

Charters will commence directly after current redeliveries in Q1–Q3 2026 and cover M/V Leonidas Z, Gregos, and Terataki.

What is the counterparty and concentration risk from Euroseas' new contracts?

All three charters are with a single top-tier charterer, creating counterparty concentration for those vessels.