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 a time charter contract for its 1,732 teu feeder containership, M/V Jonathan P, for a minimum period of 11 to a maximum period of 13 months at the option of the charterer, at a gross daily rate of $20,000.

The new charter will commence after the completion of her scheduled intermediate survey, expected around mid-to-end of October 2024.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that our 18-year-old M/V Jonathan P has been chartered with a top-class charterer for 11-13 months, at a profitable rate of $20,000/day. This fixture is a testament to the constant need for feeder ships, despite declining container freight rates. It also validates the component of our investment strategy of acquiring vessels with minimal or no residual value risk at the expiration of their initial charter, as was the case with M/V Jonathan P. The present charter is expected to contribute about 4.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 96%; it also increases our charter coverage for 2025 to about 52%.”

Euroseas Ltd. press release