Euroseas Ltd. (NASDAQ: ESEA) has decided to terminate the existing charters for its container vessels, M/V Rena P and M/V Emmanuel P, through a mutual agreement. This announcement was made on July 25, 2023.
Aristides Pittas, Chairman and CEO of Euroseas commented:
“We are pleased to announce we have reached a mutual agreement with our existing charterer to terminate the charters of our two intermediate containerships built in 2007 and 2005 respectively, while having successfully replaced these charters at $21,000 per day, following the agreed termination of their current charters in August 2023.
By maintaining a very healthy employment coverage of about 95% for the remainder of 2023 and approximately 66% for 2024 at very high levels, we can safely continue paying our quarterly dividend, continue implementing our buyback program and still have significant funds to invest in other opportunities that will arise.”
About Euroseas Ltd
Euroseas Ltd., established on May 5, 2005, under the laws of the Republic of the Marshall Islands, is a consolidation of the esteemed ship owning interests of the Pittas family from Athens, Greece, with a remarkable shipping heritage of 150 years. The company is publicly traded on the NASDAQ Capital Market with the ticker symbol ESEA.
Specializing in container shipping, Euroseas operates with the valuable assistance of Eurobulk Ltd., an affiliated ship management company certified with ISO 9001:2008 and ISO 14001:2004.
Eurobulk takes charge of the day-to-day commercial, technical management, and operations of Euroseas’ fleet. Currently, the fleet comprises 19 vessels, including 12 Feeder and 7 Intermediate containerships, with a combined cargo capacity of 58,861 teu.
Forward Looking Statement
This press release includes 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.
These statements pertain to future events and the Company’s growth strategy, including anticipated vessel acquisitions and entering into additional time charters.
Terms used to identify such forward-looking statement are
- “expects,”
- “intends,”
- “plans,”
- “believes,”
- “anticipates,”
- “hopes,”
- “estimates,” and similar expressions
While the Company deems these expectations to be reasonable, there is no guarantee that they will materialize. These statements are subject to inherent risks and uncertainties, with many factors beyond the Company’s control, which may cause actual results to differ materially. The Company explicitly disclaims any obligations to publicly update or revise forward-looking statements in light of any changes in expectations or circumstances.
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Source: Euroseas LTD
