Benzinga | May 6, 2021 09:25AM EDT

Euroseas Reports New Charter For Vessel, M/V 'EM Hydra'

Euroseas Ltd. (NASDAQ:ESEA, the &ldquo, Company&rdquo, or &ldquo, Euroseas&rdquo, ))), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its container vessel M/V "EM Hydra". Specifically:

* M/V "EM Hydra", a 1,740 TEU vessel built in 2005, entered into a new time charter contract for a period between a minimum of twenty three and a maximum of twenty five months at the option of the charterer, at a gross daily rate of $20,000. The new rate will commence between May 15, 2021 and May 25, 2021 when the vessel will be redelivered from its current charterer.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce the new charter for our vessel, M/V "EM Hydra", for a minimum period of twenty three months at a rate about two and a half times the level of her current employment. This fixture follows less than a month after our fixture of M/V "Joanna", a 1,732 TEU vessel built in 1999, that was fixed for a minimum of eighteen months at a gross daily rate of $16,800 indicating how strongly the market continues to rise. This new charter will secure a minimum of $13.8m of contracted revenues and makes an EBITDA contribution of approximately $9m."

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:

Name Type Dwt TEU Year Employment TCE Rate ($/day) Built (*)

Container Carriers TC untilAKINADA BRIDGE Oct-21 $17,250; option(*) Intermediate 71,366 5,610 2001 plus 10-12 $20,000 months option TC untilSYNERGY BUSAN Intermediate 50,726 4,253 2009 Aug-21 / $12,000(+) TC until $25,000 Aug-24SYNERGY ANTWERP Intermediate 50,726 4,253 2008 TC until $18,000(*) Sep-23 CONTEX(*&# x2A;) 4,250 less 10% revisedSYNERGY OAKLAND Intermediate 50,787 4,253 2009 TC until every 3 months;(*) Jun-21 Currently $24,918 minus 10% from of 21/1/21 until 21/4/21 TC until $10,000 untilSYNERGY KEELUNG Jun-22 Jun-21;(+) Intermediate 50,969 4,253 2009 plus 8-12 $11,750 until months Jun-22; option option $14,500EM KEA Feeder 42,165 3,100 2007 TC until $22,000 May-23EM ASTORIA (+) Feeder 35,600 2,788 2004 TC until $18,650 Feb-22EVRIDIKI G (+) Feeder 34,677 2,556 2001 TC until $15,500 Jan-22EM CORFU (&# Feeder 34,654 2,556 2001 TC until $10,200x2A;) Sep-21DIAMANTIS P (+) Feeder 30,360 2,008 1998 TC until $6,500 Aug-21EM SPETSES (+) Feeder 23,224 1,740 2007 TC until $8,100 Jul-21 TC untilEM HYDRA (&# Feeder 23,351 1,740 2005 May-21 $7,200x2A;) TC until $20,000 April-23JOANNA (*) Feeder 22,301 1,732 1999 TC until $16,800 Oct-22AEGEAN EXPRESS Feeder 18,581 1,439 1997 TC until $11,500(*) Mar-22Total Container 14 539,487 42,281 Carriers

Notes:

(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter 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 CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU, all with a charter period of two years.