Euroseas Ltd. Announces a New Time Charter Contract for its 2001-built 2,556 teu Feeder Containership, M/V EM Corfu, and the Sale of its Sister Vessel, M/V Evridiki G
Key Highlights
- ➤EM Corfu secures 12-14 month charter at $62,500 daily
- ➤EM Corfu charter expected to generate approximately $17.8 million EBITDA
- ➤Evridiki G sale agreed at approximately $26 million
- ➤Evridiki G sale expected to produce approximately $22.5 million gain
- ➤2026-2028 charter coverage rises to about 100%, 91%, and 49%
Expert Statements
Aristides Pittas, Chairman and CEO of Euroseas
“We are pleased to announce a new time charter contract for our feeder containership, M/V EM Corfu, for 12-14 months at a profitable rate of $62,500/day.”
Aristides Pittas, Chairman and CEO of Euroseas
“The charter is expected to generate approximately $17.8 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 100%, 91% and 49%, respectively.”
Aristides Pittas, Chairman and CEO of Euroseas
“We are also pleased to announce the sale of M/V Evridiki G, for $26 million, a price we consider very attractive for a vessel of this vintage.”
Aristides Pittas, Chairman and CEO of Euroseas
“We expect to record a gain on sale of approximately $22.5 million, or about $3.19 per share.”
Aristides Pittas, Chairman and CEO of Euroseas
“We always evaluate all available employment and sale opportunities for our older vessels at the time of each decision to maximize the financial returns of our shareholders.”
ATHENS, Greece, Oct. 19, 2026 (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 2,556 teu feeder containership, M/V EM Corfu, built in 2001, for a minimum period of 12 to a maximum period of 14 months, at the charterer’s option, at a gross daily rate of $62,500. The new charter is expected to commence in mid-December 2026, following the completion of the vessel’s scheduled dry-dock.
The Company also announced that it has agreed to sell M/V EM Corfu’s sister vessel, M/V Evridiki G, a 2,556 teu vessel also built in 2001, for approximately $26 million. The vessel is expected to be delivered to her new owners, an unaffiliated third party, upon completion of her current charter, at the end of October.
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