Euroseas Ltd. Announces Charter Contract Extensions for its Two 2,500 teu Feeder Containerships, EM Corfu and Evridiki G

Maroussi, Athens, Greece - November 11, 2024

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 new time charter contracts for its 2001-built 2,556 teu feeder containerships, EM Corfu and Evridiki G, in direct continuation of their existing charters.

Specifically:

• EM Corfu has been fixed for a minimum period of 18 months and a maximum period of 20 months at the option of the charterer at a gross daily rate of $28,000 per day.

• Evridiki G has been fixed for a minimum period of 14 months and a maximum period of 16 months at the option of the charterer at a gross daily rate of $29,500 per day.

Both vessels will commence their new charters upon the completion of their current ones, expected around mid-February 2025 for EM Corfu and early February 2025 for Evridiki G.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce that our vessels, EM Corfu and Evridiki G, have extended their charter contracts with a top-class charterer for 18-20 months and 14-16 months respectively, at highly profitable rates of $28,000/day/vessel and $29,500/day/vessel, respectively. The rates of these fixtures indicate the continuing need that liner companies have to secure feeder vessels which are likely to be in short supply given the segment's orderbook and age profile. The specific charters extend to the time of the fifth special survey of the vessels on their 25th birthday, at which time we will assess their economic prospects in connection to the cost of completing their fifth special survey and drydock. Over the minimum contract period, these two vessels are expected to contribute about $20 million of EBITDA, increasing our 2025 charter coverage to over 70% and our charter coverage for 2026 to about 35%."

Fleet Profile:
The Euroseas Ltd. fleet profile after the charter of M/V Evridiki G and M/V EM Corfu is as follows:

Notes:
(*) 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 (+).
(**) Rate is gross of commissions of 2.5% (commissions are, typically, 5-6.25%)
(***) Rate is gross of commissions of 1.25% (commissions are, typically, 5-6.25%)
(****) Rate is $19,000 for the first 17 months, $9,500 for the next six months and $16,500 for redelivery range.

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 150 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 23 vessels, including 16 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,073 teu. After the delivery of its two remaining feeder containership newbuildings in 2025, Euroseas' fleet will consist of 25 vessels with a total carrying capacity of 72,673 teu.

Euroseas Ltd. Press Release