Euroseas Ltd. Announces 2-year Charter Contract Extension for its Feeder Containership, M/V EM Hydra

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 a new time charter contract for its 1,740 teu feeder containership, M/V EM Hydra for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $19,000, in direct continuation of its current charter. The new charter period is expected to commence on May 1, 2025.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that we have extended the time charter contract for our 20-year-old M/V EM Hydra with a top-tier charterer, in direct continuation of its present charter, for 24-26 months at a profitable rate of $19,000. Despite the potential reopening of the Red Sea routes, which could normalize trading routes, the charter market for feeder containerships remains quite resilient, with limited vessel availability continuing to support strong periods and rates. This charter is expected to contribute about $7.3 million of EBITDA over the minimum contracted period and increase our 2025 charter coverage to about 85%, and our charter coverage for 2026 to about 50%.”

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