ATHENS, Greece, April 30, 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 that it has signed contracts for the construction of four additional feeder containers, expanding its containership newbuilding program as follows:
- Two additional gearless specialized 2,800 teu high-reefer container vessels to be built at Huanghai Shipbuilding Co., Ltd, in China exercising its option to expand a previously placed order for two similar vessels with the same shipyard. The vessels are scheduled to be delivered in October 2028 and January 2029 and, like their sisterships, will be equipped with over 1,000 reefer plugs. The total consideration for each vessel is approximately $46.5 million. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the Company. The Company also holds an option to order up to two additional vessels of similar size – either high-reefer or conventional ships – within a short period of time; and,
- Two gearless 1,800 teu container vessels to be built at Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. and scheduled to be delivered in June and September 2028. The total acquisition price for each of the two vessels is approximately $32.5 million. The Company also holds an option to order up to two additional vessels of similar size within a short period of time.
All four vessels will comply with EEDI Phase 3 and IMO Nox Tier III emission standards and will be financed with a combination of debt and equity.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the ordering of four additional feeder containerships – two modern 2,800 teu high-reefer vessels, sisterships to those we announced in March, and two modern 1,800 teu containers. These additional orders reflect our disciplined approach to capital allocation and our confidence in the long-term fundamentals of the feeder container market. They bring our current containership newbuilding program to ten vessels with total contracted cost of approximately $500 million upon the completion of which our fleet will include 19 vessels that will have been built by us making it one of the youngest and most modern feeder and intermediate fleets amongst our public peers.
“With a contracted revenue backlog of $650 million, high charter coverage extending beyond 2028 and significant earnings visibility, we are committed and well positioned to continue growing and modernizing our fleet, while selectively evaluating further accretive opportunities, always focused on enhancing long-term shareholders value.”
Fleet Profile:
The Euroseas Ltd. fleet profile is currently as follows:
SYNERGY ANTWERP(*)Intermediate50,7274,2532008TC until May-28$35,500
SYNERGY OAKLAND(*)Intermediate50,7884,2532009TC until May-26
Then until Mar-2029$42,000
$33,500SYNERGY KEELUNG(*)Intermediate50,6974,2532009TC until Jun-28$35,500EMMANUEL P(*)Intermediate50,7964,2502005TC until Sep-28$38,000RENA P(*)Intermediate50,7654,2502007TC until Aug-28$35,500EM KEA(*)Feeder42,1653,1002007TC until Jul-26
Then until Jun-29$19,000
$30,000GREGOS(*)Feeder38,7332,8002023TC until Apr-26
Then until Mar-29$48,000
$30,000TERATAKI(*)Feeder38,7332,8002023TC until Jul-26
Then until Jun-29$48,000
$30,000TENDER SOUL(*)Feeder38,7332,8002024TC until Oct-27$32,000LEONIDAS Z (+)(*)Feeder38,7332,8002024TC until May-26
Then until Apr-29$20,000
$30,000DEAR PANELFeeder38,7332,8002025TC until Nov-27$32,000SYMEON PFeeder38,7332,8002025TC until Nov-27$32,000EVRIDIKI G(+)Feeder34,6542,5562001TC until Jun-26$29,500EM CORFU(*)Feeder34,6492,5562001TC until Aug-26$28,000STEPHANIA K(*)Feeder22,5631,8002024TC until May-26$22,000MONICA(*)Feeder22,5631,8002024TC until May-27$23,500PEPI STAR(*)Feeder22,5631,8002024TC until Jun-26$24,250EM SPETSES(+)(*)Feeder23,2241,7402007TC until Feb-28$21,500JONATHAN P(*)Feeder23,7321,7402006TC until Oct-26$25,000EM HYDRA(*)Feeder23,3511,7402005TC until May-27$19,000Total Container Carriers on the Water21786,36261,144
ELENA (YZJ-1711) (**)Intermediate56,2664,484Q3 2027TC until Jun-31$35,500NIKITAS G (YZJ-1712) (**)Intermediate56,2664,484Q4 2027TC until Sep-31$35,500THRYLOS(YZJ-1768) (**)Intermediate56,2664,484Q1 2028TC until Feb-32$35,500SOCRATES CH (YZJ-1769) (**)Intermediate56,2664,484Q2 2028TC until Apr-32$35,500DANAI (HCY- 438)Feeder35,1002,798Q2 2028 NENI (HCY- 439)Feeder35,1002,798Q3 2028 SPYROS CH (S-1170)Feeder23,8501,781Q2 2028 GAVROS (S-1171)Feeder23,8501,781Q3 2028 TONIS M (HCY – 440)Feeder35,1002,798Q4 2028 SWEET EVELINA (HCY-441)Feeder35,1002,798Q1 2029 Total under construction10413,16432,690
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 and six feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 31 vessels with a total carrying capacity of 93,834 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 ContactInvestor Relations / Financial MediaTasos AslidisChief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: [email protected] Bornozis
Markella Kara
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, NY 10169
Tel. (212) 661-7566
E-mail: [email protected]