[6-K] Euroseas Ltd.(Marshall Islands) Current Report (Foreign Issuer)
Euroseas Ltd. ordered two additional 4,300 TEU eco intermediate containerships to be built at Jiangsu New Yangzi Shipbuilding in China for approximately $59.25 million each. The vessels are scheduled for delivery in March and May 2028 and will be financed with a combination of debt and equity. The company said these two ships are sisterships to vessels ordered in October 2024 and called the segment attractive due to a low orderbook and an ageing fleet. Euroseas reports a current fleet of 22 vessels (67,494 TEU) and expects the fleet to grow to 25 vessels (78,344 TEU) after the sale of M/V Marcos V and delivery of four intermediate newbuildings in 2027–2028. The release lists a TCE rate of $38,000/day for container carriers and includes standard forward-looking disclaimers.
Euroseas Ltd. ha ordinato altre due portacontainer eco intermedie da 4.300 TEU che saranno costruite presso Jiangsu New Yangzi Shipbuilding in Cina per circa 59,25 milioni di dollari ciascuna. Le navi sono previste in consegna a marzo e maggio 2028 e verranno finanziate tramite una combinazione di debito e capitale proprio. La società ha dichiarato che queste due unità sono gemelle di quelle ordinate nell’ottobre 2024 e ha definito il segmento interessante grazie a un portafoglio ordini ridotto e a una flotta invecchiata. Euroseas segnala una flotta attuale di 22 navi (67.494 TEU) e prevede che la flotta salga a 25 navi (78.344 TEU) dopo la vendita della M/V Marcos V e la consegna di quattro nuove nave intermedie nel 2027–2028. Il comunicato riporta un tasso TCE di 38.000 $/giorno per i portacontenitori e include le consuete dichiarazioni prospettiche.
Euroseas Ltd. encargó dos portacontenedores intermedios ecológicos adicionales de 4.300 TEU que se construirán en Jiangsu New Yangzi Shipbuilding en China por aproximadamente 59,25 millones de dólares cada uno. Los buques están programados para entregarse en marzo y mayo de 2028 y se financiarán con una combinación de deuda y capital. La compañía afirmó que estas dos unidades son gemelas de las solicitadas en octubre de 2024 y calificó el segmento como atractivo debido a una cartera de pedidos baja y una flota envejecida. Euroseas informa una flota actual de 22 buques (67.494 TEU) y espera que la flota crezca a 25 buques (78.344 TEU) tras la venta del M/V Marcos V y la entrega de cuatro nuevas construcciones intermedias en 2027–2028. El comunicado indica una tarifa TCE de 38.000 $/día para portacontenedores e incluye las declaraciones prospectivas habituales.
Euroseas Ltd.는 추가로 4,300 TEU급 친환경 중형 컨테이너선 2척을 주문했으며, 이들 선박은 중국의 Jiangsu New Yangzi Shipbuilding에서 각각 약 5,925만 달러에 건조될 예정입니다. 선박들은 2028년 3월과 5월 인도될 예정이며, 부채와 자본의 혼합 방식으로 자금 조달될 예정입니다. 회사는 이 두 척이 2024년 10월에 주문한 선박들과 자매선이며, 주문 잔량이 적고 선령이 높은 점을 들어 이 분야를 매력적으로 평가한다고 밝혔습니다. Euroseas는 현재 22척(67,494 TEU)의 선대를 보유하고 있으며, M/V Marcos V 매각 및 2027–2028년 중형 신조선 4척 인도 이후 선대가 25척(78,344 TEU)로 확대될 것으로 예상합니다. 보도자료에는 컨테이너선의 TCE가 일당 38,000달러로 기재되어 있으며 표준적인 미래예측 관련 면책조항이 포함되어 있습니다.
Euroseas Ltd. a commandé deux porte-conteneurs intermédiaires écologiques supplémentaires de 4 300 EVP qui seront construits chez Jiangsu New Yangzi Shipbuilding en Chine pour environ 59,25 millions de dollars chacun. Les navires doivent être livrés en mars et mai 2028 et seront financés par une combinaison de dette et de fonds propres. La société précise que ces deux unités sont des sisterships de celles commandées en octobre 2024 et qualifie le segment d’attractif en raison d’un faible carnet de commandes et d’une flotte vieillissante. Euroseas indique disposer actuellement d’une flotte de 22 navires (67 494 EVP) et s’attend à voir celle-ci atteindre 25 navires (78 344 EVP) après la vente du M/V Marcos V et la livraison de quatre nouvelles unités intermédiaires en 2027–2028. Le communiqué mentionne un taux TCE de 38 000 $/jour pour les porte-conteneurs et inclut les avertissements prospectifs habituels.
Euroseas Ltd. hat zwei weitere ökologische Intermediate-Containerschiffe mit 4.300 TEU bestellt, die bei Jiangsu New Yangzi Shipbuilding in China gebaut werden sollen und jeweils etwa 59,25 Mio. US-Dollar kosten. Die Schiffe sollen im März und Mai 2028 ausgeliefert werden und werden durch eine Kombination aus Fremd- und Eigenkapital finanziert. Das Unternehmen erklärte, dass diese beiden Schiffe Schwestern der im Oktober 2024 bestellten Einheiten sind und bezeichnete das Segment aufgrund eines geringen Orderbestands und einer alternden Flotte als attraktiv. Euroseas meldet derzeit eine Flotte von 22 Schiffen (67.494 TEU) und erwartet, dass die Flotte nach dem Verkauf der M/V Marcos V und der Ablieferung von vier Intermediate-Neubauten in 2027–2028 auf 25 Schiffe (78.344 TEU) anwachsen wird. Die Mitteilung nennt einen TCE-Satz von 38.000 $/Tag für Containerschiffe und enthält die üblichen zukunftsgerichteten Hinweise.
- Ordered two 4,300 TEU eco-efficient containerships, expanding modern fleet capacity
- Each vessel priced at approximately $59.25 million, indicating clear transaction terms
- Delivery schedule provided (March and May 2028), offering visibility on fleet additions
- Fleet expected to increase from 22 to 25 vessels, raising total carrying capacity to 78,344 TEU
- Management highlights low orderbook and ageing fleet in this segment, implying potential market tailwinds
- Financing will use debt and equity but terms are not disclosed, creating uncertainty on leverage and dilution
- No detail on charter coverage for the newbuilds or committed employment beyond general statements
- Forward-looking statements and risks noted without quantifying potential impacts if market conditions change
Insights
TL;DR: Euroseas expands its eco-friendly intermediate containership fleet with two 4,300 TEU sisterships, reinforcing a focused growth strategy.
Ordering two 4,300 TEU eco-design ships signals management's continued commitment to modernizing capacity in a segment they describe as undersupplied. The vessels' delivery timeline (March and May 2028) aligns with previously announced newbuilds, producing a consolidated fleet expansion to 25 ships and nearly 78,344 TEU of capacity post-deliveries. The stated $59.25 million per unit price is within typical mid-size newbuilding ranges and suggests predictable yard pricing risk. The emphasis on fuel-efficient designs responds to operational cost and regulatory pressures, potentially improving utilization and charter prospects relative to older tonnage.
TL;DR: Fleet growth is capital intensive; financing via debt and equity raises execution and dilution considerations for stakeholders.
The plan to finance each newbuilding with a mix of debt and equity is disclosed but not detailed, so implications for leverage, interest expense, or shareholder dilution are unclear. The company cites existing charter coverage for the near term, which may mitigate short-term revenue risk from the deliveries. The press release includes customary forward-looking disclaimers; absent specifics on financing terms, mortgage covenants, or timing of equity raises, investors cannot fully assess funding risk or timetable.
Euroseas Ltd. ha ordinato altre due portacontainer eco intermedie da 4.300 TEU che saranno costruite presso Jiangsu New Yangzi Shipbuilding in Cina per circa 59,25 milioni di dollari ciascuna. Le navi sono previste in consegna a marzo e maggio 2028 e verranno finanziate tramite una combinazione di debito e capitale proprio. La società ha dichiarato che queste due unità sono gemelle di quelle ordinate nell’ottobre 2024 e ha definito il segmento interessante grazie a un portafoglio ordini ridotto e a una flotta invecchiata. Euroseas segnala una flotta attuale di 22 navi (67.494 TEU) e prevede che la flotta salga a 25 navi (78.344 TEU) dopo la vendita della M/V Marcos V e la consegna di quattro nuove nave intermedie nel 2027–2028. Il comunicato riporta un tasso TCE di 38.000 $/giorno per i portacontenitori e include le consuete dichiarazioni prospettiche.
Euroseas Ltd. encargó dos portacontenedores intermedios ecológicos adicionales de 4.300 TEU que se construirán en Jiangsu New Yangzi Shipbuilding en China por aproximadamente 59,25 millones de dólares cada uno. Los buques están programados para entregarse en marzo y mayo de 2028 y se financiarán con una combinación de deuda y capital. La compañía afirmó que estas dos unidades son gemelas de las solicitadas en octubre de 2024 y calificó el segmento como atractivo debido a una cartera de pedidos baja y una flota envejecida. Euroseas informa una flota actual de 22 buques (67.494 TEU) y espera que la flota crezca a 25 buques (78.344 TEU) tras la venta del M/V Marcos V y la entrega de cuatro nuevas construcciones intermedias en 2027–2028. El comunicado indica una tarifa TCE de 38.000 $/día para portacontenedores e incluye las declaraciones prospectivas habituales.
Euroseas Ltd.는 추가로 4,300 TEU급 친환경 중형 컨테이너선 2척을 주문했으며, 이들 선박은 중국의 Jiangsu New Yangzi Shipbuilding에서 각각 약 5,925만 달러에 건조될 예정입니다. 선박들은 2028년 3월과 5월 인도될 예정이며, 부채와 자본의 혼합 방식으로 자금 조달될 예정입니다. 회사는 이 두 척이 2024년 10월에 주문한 선박들과 자매선이며, 주문 잔량이 적고 선령이 높은 점을 들어 이 분야를 매력적으로 평가한다고 밝혔습니다. Euroseas는 현재 22척(67,494 TEU)의 선대를 보유하고 있으며, M/V Marcos V 매각 및 2027–2028년 중형 신조선 4척 인도 이후 선대가 25척(78,344 TEU)로 확대될 것으로 예상합니다. 보도자료에는 컨테이너선의 TCE가 일당 38,000달러로 기재되어 있으며 표준적인 미래예측 관련 면책조항이 포함되어 있습니다.
Euroseas Ltd. a commandé deux porte-conteneurs intermédiaires écologiques supplémentaires de 4 300 EVP qui seront construits chez Jiangsu New Yangzi Shipbuilding en Chine pour environ 59,25 millions de dollars chacun. Les navires doivent être livrés en mars et mai 2028 et seront financés par une combinaison de dette et de fonds propres. La société précise que ces deux unités sont des sisterships de celles commandées en octobre 2024 et qualifie le segment d’attractif en raison d’un faible carnet de commandes et d’une flotte vieillissante. Euroseas indique disposer actuellement d’une flotte de 22 navires (67 494 EVP) et s’attend à voir celle-ci atteindre 25 navires (78 344 EVP) après la vente du M/V Marcos V et la livraison de quatre nouvelles unités intermédiaires en 2027–2028. Le communiqué mentionne un taux TCE de 38 000 $/jour pour les porte-conteneurs et inclut les avertissements prospectifs habituels.
Euroseas Ltd. hat zwei weitere ökologische Intermediate-Containerschiffe mit 4.300 TEU bestellt, die bei Jiangsu New Yangzi Shipbuilding in China gebaut werden sollen und jeweils etwa 59,25 Mio. US-Dollar kosten. Die Schiffe sollen im März und Mai 2028 ausgeliefert werden und werden durch eine Kombination aus Fremd- und Eigenkapital finanziert. Das Unternehmen erklärte, dass diese beiden Schiffe Schwestern der im Oktober 2024 bestellten Einheiten sind und bezeichnete das Segment aufgrund eines geringen Orderbestands und einer alternden Flotte als attraktiv. Euroseas meldet derzeit eine Flotte von 22 Schiffen (67.494 TEU) und erwartet, dass die Flotte nach dem Verkauf der M/V Marcos V und der Ablieferung von vier Intermediate-Neubauten in 2027–2028 auf 25 Schiffe (78.344 TEU) anwachsen wird. Die Mitteilung nennt einen TCE-Satz von 38.000 $/Tag für Containerschiffe und enthält die üblichen zukunftsgerichteten Hinweise.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
Commission File Number: 001-33283
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EUROSEAS LTD. |
(Translation of registrant’s name into English) |
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4 Messogiou & Evropis Street |
151 24 Maroussi, Greece |
(Address of principal executive office) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the “Company”) on August 25, 2025: Euroseas Ltd. Announces Order for the Construction of Two Additional 4,300 TEU Containerships.
This Report on Form 6-K (which includes Exhibit 1), except for the paragraph in Exhibit 1 beginning with “Aristides Pittas, Chairman and CEO of Euroseas commented:” is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-268708) filed with the U.S. Securities and Exchange Commission (the “Commission”) on December 7, 2022 and the Company’s Registration Statement on Form F-3 (File No. 333-269066) filed with the Commission on December 29, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| EUROSEAS LTD. |
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Dated: August 25, 2025 | By: | /s/ Aristides J. Pittas |
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| Name: | Aristides J. Pittas |
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| Title: | President |
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Exhibit 1
![[f082525esea6k002.gif]](https://www.sec.gov/Archives/edgar/data/0001341170/000131786125000048/f082525esea6k002.gif)
Euroseas Ltd. Announces Order for the Construction of Two Additional 4,300 TEU Containerships
Maroussi, Athens, Greece – August 25, 2025 – 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 that it has signed a contract for the construction of two additional modern fuel-efficient 4,300 teu container vessels to be built at Jiangsu New Yangzi Shipbuilding CO., in China. The vessels are scheduled to be delivered in March and May of 2028. The total consideration for each of these two newbuilding contracts is approximately $59.25 million and will be financed with a combination of debt and equity.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce the ordering of two additional 4,300 teu containership vessels, sisterships to the two we ordered in October of 2024. We are committed to growing and modernizing our fleet and believe that investing in eco intermediate-sized containerships, a segment with a low orderbook and an ageing existing fleet, represents a sound investment strategy. This ensures that we are well-positioned to capitalize on future market opportunities and continue creating long-term value for our shareholders beyond the next few years, which are already secured through our current charter arrangements.”
Fleet Profile:
The Euroseas Ltd. fleet profile is currently as follows:
Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) |
Container Carriers |
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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 | $20,000 |
EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-27 | $19,000 |
Total Container Carriers on the Water | 22 | 859,330 | 67,494 |
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Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) |
ELENA (H1711) | Intermediate | 55,200 | 4,300 | Q4 2027 |
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NIKITAS G (H1712) | Intermediate | 55,200 | 4,300 | Q4 2027 |
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YZJ2024-1768 | Intermediate | 55,200 | 4,300 | Q1 2028 |
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YZJ2024-1769 | Intermediate | 55,200 | 4,300 | Q2 2028 |
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Total under construction | 4 | 220,800 | 17,200 |
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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 did Euroseas (ESEA) announce in this 6-K?
How will the new containerships be financed?
How does this order change Euroseas' fleet size and capacity?
When will the new ships be delivered and what are they?
What operating metric was disclosed for container carriers?
