Euroseas Ltd. Announces a Minimum Two-Month $200,000 per day Charter Contract for M/V Synergy Oakland, a 4,250 teu Container Vessel, built in 2009

Athens, Greece - September 8, 2021

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 container vessel M/V Synergy Oakland.

Specifically, M/V Synergy Oakland, a 4,250 TEU vessel built in 2009, entered into a new time charter contract for a period between a minimum of sixty (60) days and a maximum of eighty five (85) days at the option of the charterer, at a gross daily rate of $202,000 or $195,000 depending on where the vessel will be delivered to the charterer.

The new rate will commence in the second half of October 2021 when the vessel is redelivered from its current charter.

Aristides Pittas, Chairman and CEO of Euroseas commented:

"We are pleased to announce the new charter for M/V Synergy Oakland for about two to three months at a daily rate of about $200,000 per day. This is the highest time charter rate ever achieved by any vessel in our fleet and one of the highest rates ever achieved in our industry. This new charter secures a minimum of $12m of contracted revenue over two months and, possibly, up to $17m if the maximum period of the charter is chosen by the charterer. At the same time, Euroseas is well positioned to take advantage of a further rising market with five ships, including M/V Synergy Oakland after the expiration of its new charter, opening in the next six months."

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:



Notes:

(*) TC denotes time charter. Charter duration indicates the earliest redelivery date; All dates listed are the earliest redelivery dates under each TC 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 net of commissions (which are typically 5-6.25%). The vessel is expected to be delivered to the Company in October 2021.



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.

After the delivery of M/V Jonathan P, the Company will have a fleet of 15 vessels comprising of 10 Feeder and 5 Intermediate containerships. Euroseas 15 containerships have a cargo capacity of 44,021 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas fleet will consist of 17 vessels with a total carrying capacity of 49,621 teu.

Euroseas Ltd. Press Release