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 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.”

Euroseas Ltd.press release