Monday, September 20, 2021

Orion Group Holdings (ORN)
Weather Impact is Bad News, But Normal 2022 is Good News

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Backlog should continue to rebound with recent low bids. High bidding activity portends additional awards. 2Q2021 backlog of $394 million rebounded from $365 million in 1Q2021 due to higher Marine backlog of $170 million and Concrete backlog of $224 million. Recent low bids pending awards exceed $40 million. More good news should be on the horizon and high bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends additional award announcements.


Updating 2021 EBITDA estimate following lingering weather impact.  We are lowering our 2021 EBITDA estimate to $31.4 million from $43.2 million to reflect the lingering impact of poor weather. In addition to tough comps versus last year, poor weather likely has had a dampening impact on operating results. While Marine results should pick up and Concrete represents upside potential, we are taking a …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Eagle Bulk Shipping Inc. Takes Delivery of M/V Antwerp Eagle

 

STAMFORD, Conn., 
Sept. 17, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has taken delivery of its previously announced vessel acquisition, the M/V Antwerp Eagle.

The ship, which was acquired this past May, is a 2015-built, high specification scrubber-fitted SDARI-64 Ultramax vessel built at 
Jiangsu Hantong Ship Heavy Industry Co.

Proforma for the one pending vessel acquisition, the Company’s fleet totals 53 ships with an average age of 8.8 years.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a US-based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in 
Stamford, Connecticut, with offices in 
Singapore and 
Copenhagen, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax / Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Company Contact
Frank De Costanzo
Chief Financial Officer

Eagle Bulk Shipping, Inc.
Tel. +1 203-276-8100
Email: investor@eagleships.com

Media Contact

Rose & Company
Tel. +1 212-359-2228

Source: 
Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. Takes Delivery of M/V Antwerp Eagle

 

STAMFORD, Conn., 
Sept. 17, 2021 (GLOBE NEWSWIRE) — 
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has taken delivery of its previously announced vessel acquisition, the M/V Antwerp Eagle.

The ship, which was acquired this past May, is a 2015-built, high specification scrubber-fitted SDARI-64 Ultramax vessel built at 
Jiangsu Hantong Ship Heavy Industry Co.

Proforma for the one pending vessel acquisition, the Company’s fleet totals 53 ships with an average age of 8.8 years.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a US-based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in 
Stamford, Connecticut, with offices in 
Singapore and 
Copenhagen, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax / Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Company Contact
Frank De Costanzo
Chief Financial Officer

Eagle Bulk Shipping, Inc.
Tel. +1 203-276-8100
Email: investor@eagleships.com

Media Contact

Rose & Company
Tel. +1 212-359-2228

Source: 
Eagle Bulk Shipping Inc.

Wednesday, September 15, 2021

Genco Shipping (GNK)
Firm Dry Bulk Market Boosts 2022 Dividend Estimate

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Staying positive on dry bulk market. Even though dry bulk TCE rates remain volatile, the bias has been upward due to firm demand from infrastructure projects and global stimulus programs. Also, the order book remains muted, and the January 2023 implementation of new carbon emission regulations (EEXI) could trigger slow steaming that effectively lowers supply. Operating leverage has expanded, and a $1.0k/day change in TCE rates has ~$16 million impact, or ~7% of our 2022 EBITDA estimate.


Increasing 2021 EBITDA estimate to $223 million based on TCE rates of $22.1k/day from $204 million and TCE rates of $20.8k/day.  Current TCE rates are above high 3Q2021 forward cover (Capes 66% booked at $31.3k/day and Ultras/Supras 75% booked at $25.3k/day) so positive bias to estimates. Six time charters in place, but visibility is limited beyond one quarter out …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Tuesday, September 14, 2021

Great Lakes Dredge & Dock (GLDD)
Large Low Bid Pending Award and 3Q2021 Awards Announced

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New low bid pending award of $47.7 million for work on the Jersey shore moves potential 3Q2021 awards into the $308 million range. GLDD was recently low bidder on the Sandy Hook to Barnegat Inlet Beach Erosion Control Project Section II (W912DS21B0015) at $47.7 million, or $15.9 million below the other bid of $63.6 million submitted by Weeks Marine.


Announced 3Q2021 awards currently in the $261 million range, but potential awards exceed $308 million.  Dredging market outlook remains solid and potential infrastructure spending creates a tailwind. Bidding has been active, and announced 3Q2021 awards of $261.3 million yesterday is positive. As highlighted above, GLDD was also low bidder on the Sandy Hook to Barnegat Inlet Beach erosion control …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Seanergy CEO Stamatis Tsantanis and CFO Stavros Gyftakis make a formal corporate presentation. Afterwards, they are joined by Noble Capital Markets Senior Research Analyst Poe Fratt for a Q & A session. Research, News, and Advanced Market Data on SHIP Information on upcoming live virtual roadshows Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Following the delivery of M/V Leadership to its new owners, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 2,829,630 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Tuesday, September 14, 2021

Great Lakes Dredge & Dock (GLDD)
Large Low Bid Pending Award and 3Q2021 Awards Announced

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New low bid pending award of $47.7 million for work on the Jersey shore moves potential 3Q2021 awards into the $308 million range. GLDD was recently low bidder on the Sandy Hook to Barnegat Inlet Beach Erosion Control Project Section II (W912DS21B0015) at $47.7 million, or $15.9 million below the other bid of $63.6 million submitted by Weeks Marine.


Announced 3Q2021 awards currently in the $261 million range, but potential awards exceed $308 million.  Dredging market outlook remains solid and potential infrastructure spending creates a tailwind. Bidding has been active, and announced 3Q2021 awards of $261.3 million yesterday is positive. As highlighted above, GLDD was also low bidder on the Sandy Hook to Barnegat Inlet Beach erosion control …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, September 13, 2021

Seanergy Maritime (SHIP)
Virtual NDR Showcases Improved Outlook

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Virtual non-deal roadshow highlighted that SHIP has moved onto firmer ground. Late last week, we hosted a virtual NDR with management, CEO Stamatis Tsantanis and CFO Stavros Gyftakis. The company presentation and Q&A session highlighted significant progress this year. A replay should be available shortly at www.channelchek.com


Stock buy back program established, but refinancing convert debt makes more sense as next move on financing front.  A buy back program reinforces our view that equity issuance near the current price is unlikely despite the F-3 filing on July 2nd. We don’t think that the buy back program has been active yet, as retiring the convert debt appears to be the highest priority since it is convertible at …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, September 09, 2021

Euroseas Ltd. (ESEA)
An Extraordinary Data Point Boosts EBITDA Estimates

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Short charter on the Oakland intermediate secured at an extraordinary rate of at least $195k/day. Yesterday morning, news hit that the 2009-built Oakland intermediate secured a short charter of 60—85 days at a TCE rate of at least $195.0k/day. The charter, which should start by the end of October, could generate gross TCE revenue of at least $11.7 million.


Container market remains firm and upcoming fixtures should be favorable.  Charters on the Oakland, Jonathan P and Diamantis P are good examples of a strong container market. Four feeders (Corfu/Evridiki G/Astoria/Aegean Express) and one intermediate (Oakland) are available for charter over the next six months …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Wednesday, September 08, 2021

Euroseas Ltd. (ESEA)
Feeder Acquisition Expands Fleet and Forward Cover

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Acquisition of 2006-built 1,740 TEU feeder for $25.5 million expands the fleet to 15. Attractive time charter limits capital risk. We are assuming financing of 50% debt so forecasted yearend 2021 debt will increase by $12.8 million to $71.3 million. In order to limit capital risk, the Jonathan P will be time chartered out for three years at a net TCE rate of $26.7k/day. The time charter should generate total EBITDA of $22 million, or ~$20.0k/day, and drop the cost basis below the scrap value.


Container market remains firm and upcoming fixtures should be favorable.  The Jonathan P three year time charter is another good example of a strong container market. Same with the recent Diamantis P time charter through October 2024 at a TCE rate of $27.0k/day. Four feeders (Corfu/Evridiki G/Astoria/Aegean Express) and one intermediate (Oakland) are available for charter over the next six months …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Seanergy Takes Delivery of its 17th Capesize, M/V Worldship, with Immediate Commencement of Period Charter

 

September 8, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it took delivery of the previously-announced Capesize vessel acquisition, the M/V Worldship (the “Vessel”). The Vessel is a 181,415 dwt Capesize bulk carrier, built in 2012 by Imabari of Japan. The M/V Worldship is the sixth Capesize delivery that Seanergy has successfully completed in 2021 to-date.

M/V Worldship has already entered a time charter (“T/C”) with an existing charterer of the Company, at a gross fixed rate of $31,750 per day for a period of about 12 to about 16 months from the delivery.

The purchase price has been funded with cash on hand, while Seanergy is in advanced discussions with a leading bank for financing part of the acquisition cost at competitive terms.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am pleased to announce the addition of the seventeenth Capesize vessel to our fleet and the concurrent commencement of her period employment. Including this delivery and the sale of the M/V Leadership, 94% percent of our fleet is employed under period time charters, 87% of which are index-linked T/Cs. This allows us to fully utilize our fleet in order to capitalize on the robust market rates.

We are excited to see the strongest Capesize market of the last 11 years, with daily rates exceeding $45,000, which affirms our commercial strategy.

Based on the prevailing Capesize supply-demand fundamentals, we remain confident about the prospects of our market for the years to come.”

Company fleet, following the delivery of M/V Leadership to the new owners:

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Following the delivery of M/V Leadership to the new owners, the Company’s operating fleet will consist of 16 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 2,829,630 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This 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. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which 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, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, 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.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

Euroseas Ltd. Announces a Minimum Two-Month $200,000 per day Charter Contract for M/V Synergy Oakland, a 4,250 teu Container Vessel, built in 2009

 

ATHENS, Greece, Sept. 08, 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 a new time charter contract for its container vessel M/V Synergy Oakland. Specifically, M/V Synergy Oakland, a 4,250 TEU vessel built in 2009, entered into a new time charter contract for a period between a minimum of sixty (60) days and a maximum of eighty five (85) days at the option of the charterer, at a gross daily rate of $202,000 or $195,000 depending on where the vessel will be delivered to the charterer. The new rate will commence in the second half of October 2021 when the vessel is redelivered from its current charter.

Aristides Pittas, Chairman and CEO of Euroseas commented:
“We are pleased to announce the new charter for M/V Synergy Oakland for about two to three months at a daily rate of about $200,000 per day. This is the highest time charter rate ever achieved by any vessel in our fleet and one of the highest rates ever achieved in our industry. This new charter secures a minimum of $12m of contracted revenue over two months and, possibly, up to $17m if the maximum period of the charter is chosen by the charterer. At the same time, Euroseas is well positioned to take advantage of a further rising market with five ships, including M/V Synergy Oakland after the expiration of its new charter, opening in the next six months.”

Fleet Profile:

After the delivery of M/V Piraeus Trader to its fleet, the Euroseas Ltd. fleet profile will be as follows:

Note:
(*) 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%). The vessel is expected to be delivered to the Company in October 2021.

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 Jonathan P, the Company will have a fleet of 15 vessels comprising of 10 Feeder and 5 Intermediate containerships. Euroseas 15 containerships have a cargo capacity of 44,021 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas fleet will consist of 17 vessels with a total carrying capacity of 49,621 teu.

Forward Looking Statement
This 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

Euroseas Ltd. Announces a Minimum Two-Month $200,000 per day Charter Contract for M/V Synergy Oakland, a 4,250 teu Container Vessel, built in 2009

 

ATHENS, Greece, Sept. 08, 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 a new time charter contract for its container vessel M/V Synergy Oakland. Specifically, M/V Synergy Oakland, a 4,250 TEU vessel built in 2009, entered into a new time charter contract for a period between a minimum of sixty (60) days and a maximum of eighty five (85) days at the option of the charterer, at a gross daily rate of $202,000 or $195,000 depending on where the vessel will be delivered to the charterer. The new rate will commence in the second half of October 2021 when the vessel is redelivered from its current charter.

Aristides Pittas, Chairman and CEO of Euroseas commented:
“We are pleased to announce the new charter for M/V Synergy Oakland for about two to three months at a daily rate of about $200,000 per day. This is the highest time charter rate ever achieved by any vessel in our fleet and one of the highest rates ever achieved in our industry. This new charter secures a minimum of $12m of contracted revenue over two months and, possibly, up to $17m if the maximum period of the charter is chosen by the charterer. At the same time, Euroseas is well positioned to take advantage of a further rising market with five ships, including M/V Synergy Oakland after the expiration of its new charter, opening in the next six months.”

Fleet Profile:

After the delivery of M/V Piraeus Trader to its fleet, the Euroseas Ltd. fleet profile will be as follows:

Note:
(*) 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%). The vessel is expected to be delivered to the Company in October 2021.

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 Jonathan P, the Company will have a fleet of 15 vessels comprising of 10 Feeder and 5 Intermediate containerships. Euroseas 15 containerships have a cargo capacity of 44,021 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas fleet will consist of 17 vessels with a total carrying capacity of 49,621 teu.

Forward Looking Statement
This 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