Euroseas Ltd. Announces Delivery of M/V Terataki
Euroseas Ltd. Announces Delivery of M/V Terataki, an Eco 2,800 teu Feeder Containership Newbuilding, and Commencement of the Vessel’s Charter.
Maroussi, Athens, Greece – Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that on July 6, 2023, it has taken delivery of its M/V Terataki, an Eco EEDI Phase 3, 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The vessel is 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 National Bank of Greece S.A. Following its delivery, M/V Terataki commenced a thirty-six to forty months charter with Asyad Lines.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to have taken delivery of M/V Terataki, the second vessel from our nine-vessel newbuilding program which includes four additional 2,800 teu and three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines. M/V Terataki has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration.
“Our newbuilding program is a component of our strategy to grow our company by investing in modern, energy efficient vessels with minimal carbon footprint. In that respect, it is noteworthy that M/V Terataki and the rest of our newbuildings are 40%+ more efficient than previous generation similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities to take advantage of for the benefit of our shareholders.
Fleet Profile:
After the delivery of M/V Terataki, the Euroseas Ltd. fleet and employment profile will be as follows:
| Name | Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) | |
| Container Carriers | |||||||
| MARCOS V | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 | |
| plus 12 months option | option $15,000 | ||||||
| SYNERGY KEELUNG(*) | Intermediate | 50,969 | 4,253 | 2009 | |||
| TC until Apr-25 | $23,000 | ||||||
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 | |
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Aug-24 | $25,000 | |
| SYNERGY ANTWERP(+) | Intermediate | 50,726 | 4,253 | 2008 | TC until Dec-23 | $18,000 | |
| RENA P (*) | Intermediate | 50,796 | 4,250 | 2007 | TC until April-24 | $20,250 then | |
| Then until Feb 25 | CONTEX(**) with $13,000 floor and $21,000 ceiling | ||||||
| EMMANUEL P (*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Mar-25 | $19,000 | |
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | $19,000 | |
| GREGOS (*) | Feeder | 37,237 | 2,800 | 2023 | TC until Apr-26 | $48,000 | |
| TERATAKI (*) | Feeder | 37,237 | 2,800 | 2023 | TC until Jul-26 | $48,000 | |
| EM ASTORIA(*) | Feeder | 35,600 | 2,788 | 2004 | TC until Feb-24 then until Feb-25 |
$50,000 $20,000 |
|
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 | $40,000 | |
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 | $40,000 | |
| DIAMANTIS P(*) | Feeder | 30,360 | 2,008 | 1998 | TC until Oct-24 | $27,000 | |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Aug-24 | $29,500 | |
| JONATHAN P (*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-24 | $26,662(***) | |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until April-24 | $15,000 | |
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until Jan-24 | $13,900 | |
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Aug-23 | $13,000 | |
| Total Container Carriers | 19 | 740,512 | 58,861 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment(*) | TCE Rate ($/day) |
| TENDER SOUL | Feeder | 37,237 | 2,800 | Q1 2024 | ||
| LEONIDAS Z | Feeder | 37,237 | 2,800 | Q1 2024 | ||
| MONICA | Feeder | 22,262 | 1,800 | Q1 2024 | ||
| STEPHANIA K | Feeder | 22,262 | 1,800 | Q2 2024 | ||
| PEPI STAR | Feeder | 22,262 | 1,800 | Q2 2024 | ||
| DEAR PANEL | Feeder | 37,237 | 2,800 | Q4 2024 | ||
| SYMEON P | Feeder | 37,237 | 2,800 | Q4 2024 | ||
| Total under construction | 7 | 215,734 | 16,600 |
| 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 (+). |
| (**) | 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%) |
