Euroseas Ltd. Announces Delivery of M/V Gregos, an Eco 2,800 teu Feeder Containership Newbuilding, and Commencement of the Vesselís Charter

Maroussi, Athens, Greece - April 10, 2023

Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that on April 6, 2023, it has taken delivery of its M/V Gregos, an eco 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea.

The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power).

The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by Eurobank S.A. Following its delivery, M/V Gregos commenced a thirty-six to forty month charter with Asyad Lines.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to have taken delivery of M/V Gregos, the first vessel from our nine-vessel newbuilding program which includes five additional 2,800 teu and three 1,800 teu units all modern fuel efficient, eco-design vessels with Tier III engines. M/V Gregos has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration.

Following the containership marketís rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders."

Fleet Profile
After the delivery of M/V Gregos, the Euroseas Ltd. fleet and employment profile will be as follows:


(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter 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 (+).

(**) The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.

(***) Rate is net of commissions (commissions 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.

The Company has a fleet of 18 vessels, including 11 Feeder and 7 Intermediate containerships. Euroseas 18 containerships have a cargo capacity of 56,061 teu. On a fully-delivered basis of its vessels under construction, the Companyís fleet will increase to 26 containerships with a cargo capacity of about 75,461 teu.

Euroseas Ltd. Press Release