Euroseas Ltd. Announces New Charter for its M/V “Synergy Antwerp”

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced the extension of the charter of its container vessel M/V “Synergy Antwerp”. Specifically:

M/V “Synergy Antwerp”, a 4,253 teu vessel built in 2008, was extended for a period of between thirty-two (32) and thirty-five (35) months in charterers’ option, at a daily rate of $18,000. The new rate will commence on January 1, 2021 and will replace the remaining three months of the present low-rate charter originally due to expire on March 31, 2021.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce the new charter for another one of our vessels, our M/V “Synergy Antwerp”, providing secured and very profitable employment for almost the next three years. M/V “Synergy Antwerp” is expected to make an EBITDA contribution of about $3.8 million per year, totaling more than $10.0 million for the duration of its new charter. This is the fourth vessel of our fleet which has recently been re-chartered at high rates.

“Both the rate as well as the duration of the charter are indicative of the quite strong market during the recent months and the expectation of the major charterers that it will likely remain so. There are seven of our vessels with charters expiring during the first half of 2021. Thus, if the present market levels continue, renewals of expiring charters should result in significant further increase in our profitability along with significant generation of funds that would be available to be used for further investment or reinstitution of dividend payments to our shareholders at the discretion of our Board or Directors.”