Euroseas Ltd. Announces a New Time Charter Contract for its 2001-built 2,556 teu Feeder Containership, M/V EM Corfu, and the Sale of its Sister Vessel, M/V Evridiki G

Euroseas expects approximately $17.8 million of EBITDA from the minimum charter term and a roughly $22.5 million vessel-sale gain.

Rhea-AI Summary

Euroseas (NASDAQ: ESEA) secured a new charter for M/V EM Corfu at $62,500 per day and agreed to sell M/V Evridiki G. The charter covers 12–14 months, at the charterer’s option, and is expected to start in mid-December 2026 after scheduled dry-docking. Euroseas expects approximately $17.8 million of EBITDA, earnings before interest, taxes, depreciation and amortization, over the minimum term. Charter coverage rises to about 100%, 91% and 49% for 2026, 2027 and 2028, respectively.

The sale to an unaffiliated third party is priced at approximately $26 million, with delivery expected at the end of October after the current charter ends. Euroseas expects a gain of approximately $22.5 million, or about $3.19 per share. Both ships were built in 2001 and carry 2,556 twenty-foot container equivalents each. After the sale, the fleet will comprise 20 vessels; 12 newbuildings are scheduled for delivery between 2027 and 2029.

6 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.EM Corfu’s new charter secures $62,500 gross daily for 12–14 months, at the charterer’s option.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Charter coverage rises to about 100%, 91% and 49% for 2026, 2027 and 2028, respectively.
• Moderate pointEvridiki G’s agreed sale to an unaffiliated buyer is priced at approximately $26 million. 5.6% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.12 newbuildings scheduled for 2027–2029 will expand the fleet to 32 vessels with 94,840 container-equivalent capacity.
• Minor point. Forward-looking: it has not happened yet and may not happen.Euroseas expects approximately $17.8 million EBITDA over EM Corfu’s minimum contracted period.
• Minor point. Forward-looking: it has not happened yet and may not happen.Euroseas expects a sale gain of approximately $22.5 million, or about $3.19 per share.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.EM Corfu’s expected mid-December 2026 charter start depends on completion of scheduled dry-docking.
• Minor point. Forward-looking: it has not happened yet and may not happen.Evridiki G’s sale awaits delivery, expected at the end of October after its current charter ends.

Key Figures

Daily charter rate: $62,500 per day Charter duration: 12 to 14 months Expected EBITDA: Approximately $17.8 million +4 more

Daily charter rate

$62,500 per day

New time charter for M/V EM Corfu

Charter duration

12 to 14 months

Minimum period to maximum period, at charterer's option

Expected EBITDA

Approximately $17.8 million

Over the minimum contracted period

Charter coverage

100% (2026); 91% (2027); 49% (2028)

Company coverage after the new charter

Vessel sale price

Approximately $26 million

M/V Evridiki G

Expected gain on sale

Approximately $22.5 million

M/V Evridiki G

Expected gain per share

About $3.19 per share

Gain on sale of M/V Evridiki G

Historical Context

1 past event · Latest: Aug 25

1 event

1. Aug 25

   Charter extension

   24h Move

   +0.3%

   Jonathan P extension: $26,000 daily rate, $12.7 million expected EBITDA, and increased charter coverage.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

teu, time charter, ebitda

3 terms

teu technical

"its 2,556 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.

time charter technical

"a new time charter contract for its 2,556 teu feeder containership"

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.

ebitda financial

"generate approximately $17.8 million of EBITDA over the minimum contracted period"

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.

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ATHENS, Greece, Oct. 19, 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 2,556 teu feeder containership, M/V EM Corfu, built in 2001, for a minimum period of 12 to a maximum period of 14 months, at the charterer’s option, at a gross daily rate of $62,500. The new charter is expected to commence in mid-December 2026, following the completion of the vessel’s scheduled dry-dock.

The Company also announced that it has agreed to sell M/V EM Corfu’s sister vessel, M/V Evridiki G, a 2,556 teu vessel also built in 2001, for approximately $26 million. The vessel is expected to be delivered to her new owners, an unaffiliated third party, upon completion of her current charter, at the end of October.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce a new time charter contract for our feeder containership, M/V EM Corfu, for 12-14 months at a profitable rate of $62,500/day. The charter is expected to generate approximately $17.8 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 100%, 91% and 49%, respectively.

“We are also pleased to announce the sale of M/V Evridiki G, for $26 million, a price we consider very attractive for a vessel of this vintage. We expect to record a gain on sale of approximately $22.5 million, or about $3.19 per share. We always evaluate all available employment and sale opportunities for our older vessels at the time of each decision to maximize the financial returns of our shareholders.”

Fleet Profile:
The Euroseas Ltd. fleet profile after the sale of M/V Evridiki G will be 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 Mar-29	$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 Jul-28	$35,500
EM KEA(*)	Feeder	42,165	3,100	2007	TC until Jul-29	$30,000
GREGOS(*)	Feeder	38,733	2,800	2023	TC until Mar-29	$30,000
TERATAKI(*)	Feeder	38,733	2,800	2023	TC until Jun-29	$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 Apr-29	$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
EM CORFU(+)	Feeder	34,649	2,556	2001	TC until Oct-26 then until Dec-27	$28,000 $62,500
STEPHANIA K(*)	Feeder	22,563	1,800	2024	TC until Jul-28	$25,500
MONICA(*)	Feeder	22,563	1,800	2024	TC until May-27	$23,500
PEPI STAR(*)	Feeder	22,563	1,800	2024	TC until Aug-28	$25,500
EM SPETSES(*)	Feeder	23,224	1,740	2007	TC until Feb-28	$21,500
JONATHAN P(*)	Feeder	23,732	1,740	2006	TC until Oct-26 then until Nov-28	$25,000 $26,000
EM HYDRA(*)	Feeder	23,351	1,740	2005	TC until May-27	$19,000
Total Container Carriers on the Water	20	751,708	58,588

Vessels under construction	Type	Dwt	TEU	To be delivered	Employment	TCE Rate ($/day)
ELENA (**)	Intermediate	56,266	4,484	Q3 2027	TC until Jun-32	$32,500
NIKITAS G (**)	Intermediate	56,266	4,484	Q4 2027	TC until Sep-32	$32,500
THRYLOS (**)(***)	Intermediate	56,266	4,484	Q1 2028	TC until Feb-33	$32,500
SOCRATES CH (**)	Intermediate	56,266	4,484	Q2 2028	TC until Apr-33	$32,500
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 $32,500/day for the entire period.
(***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.

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.

After the sale of M/V Evridiki G, the Company will have a fleet of 20 vessels, including 14 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 58,588 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 32 vessels with a total carrying capacity of 94,840 teu.

Forward Looking Statements

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the terms of Euroseas’ new EM Corfu charter?

EM Corfu’s new charter pays $62,500 gross per day for a minimum of 12 months and a maximum of 14 months, at the charterer’s option. It is expected to begin in mid-December 2026 after scheduled dry-docking. Euroseas expects approximately $17.8 million of EBITDA over the minimum contracted period.

How much will Euroseas receive for Evridiki G?

Euroseas agreed to sell Evridiki G to an unaffiliated third party for approximately $26 million. Delivery is expected at the end of October after the vessel completes its current charter. The company expects a gain on sale of approximately $22.5 million, or about $3.19 per share.