GlobeNewswire Inc | Nov 29, 2021 09:05AM EST

November 29, 2021

ATHENS, Greece, Nov. 29, 2021 (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 two new consecutive time charter contracts for its container vessel M/V Synergy Oakland, a 4,253 TEU vessel built in 2009.

Specifically:

-- a new time charter contract for a period of between two and three months at a daily rate of $130,000, commencing between January 5th and January 25th when the vessel will be redelivered from its current charterer; and, -- immediately following the completion of the above charter, a new time charter contract for a period of a minimum of forty-eight and a maximum of fifty-one months at the option of the charterer at a daily rate of $42,000, commencing the latest by April 15th when the vessel will be redelivered from its previous charterer.

Aristides Pittas, Chairman and CEO of Euroseas commented We are very pleased to announce very profitable new charters for one of our vessels, our M/V Synergy Oakland, that capture both the exceptional strength of the current short-term market over the next two to three months and also provide secured employment for a minimum of an additional four years. As a result of these charters, M/V Synergy Oakland is expected to make an EBITDA contribution of about $11.5 million during the first quarter of 2022 and about $12 million per year during each of the next four years, totaling about $57 million of EBITDA contribution, or about $7.80 per share, over the duration of its new charters.

Both the rates and the duration of the above charters are indicative of the strength and recovery of the market from a slight correction we had experienced over the past month. We expect to be able to continue benefitting from the present market as there are another four of our vessels in our fleet which open for re-chartering within the next four months and another two vessels later within 2022. If the present market levels continue, renewals of expiring charters should result in significant further increases in our profitability and employment coverage for the following years, providing a solid liquidity foundation for further growth of our company and rewards to our shareholders as our Board or Directors sees fit.

Fleet Profile:

After the new charters of M/V Synergy Oakland, the Euroseas Ltd. fleet and employment profile will be as follows:

Name Type Dwt TEU Year Employment(*) TCERate Built ($/day)Container Carriers TC until $42,200LEO PARAMOUNT (to be Intermediate 72,968 6,350 2005 Dec-24 optionrenamed MARCOS V) plus 12 $15,000 months optionAKINADA BRIDGE(*) Intermediate 71,366 5,610 2001 TC until $20,000 Oct-22SYNERGY BUSAN(*) Intermediate 50,726 4,253 2009 TC until $25,000 Aug-24SYNERGY ANTWERP(*) Intermediate 50,726 4,253 2008 TC until $18,000 Sep-23 TC until Jan-21 $202,000SYNERGY OAKLAND(*) Intermediate 50,787 4,253 2009 then until $130,000 Mar-22 $42,000 then until Mar-26 TC until Jun-22 $11,750;SYNERGY KEELUNG (+) Intermediate 50,969 4,253 2009 plus 8-12 option months $14,500 optionEM 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-22 $10,200 TC until $5,125 for Nov-21 up to 37 then daysEM CORFU(+) Feeder 34,654 2,556 2001 repositioning ($35,000 trip to if drydock more than 37 days)EVRIDIKI G (+) Feeder 34,677 2,556 2001 TC until $15,500 Jan-22DIAMANTIS P. (*) Feeder 30,360 2,008 1998 TC until $27,000 Oct-24 TC untilEM SPETSES(*) 23,224 1,740 2007 Aug-24 $29,500 FeederJONATHAN P(*) Feeder 23,351 1,740 2006 TC until $26,662 Sep-24 (**)EM HYDRA(*) Feeder 23,351 1,740 2005 TC until $20,000 Apr-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 16 635,806 50,371 Carriers

Vessels under construction Type Dwt TEU To be deliveredH4201 Feeder 37,237 2,800 Q1 2023H4202 Feeder 37,237 2,800 Q2 2023

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 (+). (**) Rate is net of commissions (which are typically 5-6.25%)

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 140 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.

After the delivery of M/V Leo Paramount, the Company will have a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas fleet will consist of 18 vessels with a total carrying capacity of 55,971 teu.

Forward Looking StatementThis 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 Contact Investor Relations / Financial MediaTasos Aslidis Nicolas BornozisChief Financial Officer PresidentEuroseas Ltd. Capital Link, Inc.11 Canterbury Lane, 230 Park Avenue, Suite 1536Watchung, NJ 07069 New York, NY 10169Tel. (908) 301-9091 Tel. (212) 661-7566E-mail: aha@euroseas.gr E-mail: nbornozis@capitallink.com