ESEA News & Events

Reports Q4 revenue $57.4M vs. $53.3M last year. Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to report a very profitable fourth quarter with our earnings per share for the quarter being one of the highest ever. During the fourth quarter of 2025 and in January and February 2026 to date, containership charter rates maintain their high levels for one more time. Container freight rates were a bit more volatile reflecting mostly seasonal trends. The strength of the charter market is evidenced by our most recent fixture for our M/V EM Spetses, a 19-year old, 1700 teu containership, that we announced recently. Our entire fleet is chartered at very profitable rates with our charter coverage for 2026 being about 87%, our coverage in 2027 exceeding 71% with many of our contracts extending well into 2028 and beyond. Our contracted revenues are over $550M over the next five years and, even if we assume very conservative rates for our charter renewals, we expect to continue reporting strong profitability. Against this positive and quite protected situation for Euroseas, the overall containership market has to deal with a couple of challenges, mainly, the absorption of the high orderbook in the large containership segments and the eventual resumption of traffic through the Suez Canal which would reduce the demand for tonnage given the shorter distances required to travel. However, we would like to note that there is a stark difference between large containerships and the segments we operate, feeders and intermediate size vessels, as the latter not only face much lower orderbook levels but also have a large percentage of vessels over 20 years of age. Thus, we believe that it is very likely for the supply of feeders and intermediate containerships to contract, benefiting owners of modern vessels like us. Needless to say, the geo-political, economic and trade-related factors, like the renewed focus on US tariffs imposed, influence the volume of containerized trade and, consequently, demand for vessels, adding to the overall uncertainty in the markets. Nevertheless, given our strong balance sheet, we believe we are well positioned to take advantage of any developments in the markets, and we continuously evaluate and pursue accretive investment opportunities in both the secondhand and newbuilding sectors. At the same time, our balance sheet and contracted revenues backlog provide us with sufficient comfort to increase the rewards to our shareholders by increasing our dividend by 7% to $0.75 per share providing an annualized yield of about 5%."

Euroseas announced a new time charter contract for its 2007-built 1,740 teu feeder containership, EM Spetses, for a minimum period of 22 to a maximum period of 24 months, at the option of the charterer, at a gross daily rate of $21,500. The new charter period will commence on April 12, 2026, in direct continuation of its present charter, and represents a daily increase of over $3,000 over the vessel's current rate.

Euroseas announced new charter contracts for three of its 2,800 teu container vessels, M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters will be for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross daily rate of $30,000. The new charter periods are expected to commence directly after the redelivery of their present charters, during the first, second and third quarters of 2026.

Reports Q3 revenue $56.9M vs. $54.1M last year. Aristides Pittas, CEO commented: "During the third quarter of 2025 as well as during the months of October and November to-date, containership rates maintain their high levels. Opposite to the charter markets, container freight rates declined reaching two-year low levels by late September but have recovered significantly since. Chartering activity for the segments we operate was somewhat lower during the same period as compared to the previous months mainly due to the summer slowdown and lack of vessel availability but charterer interest has remained strong, especially during October and November, as also evidenced by the charters we have just concluded. Today, we are extremely happy to report new forward charter contracts for five of our vessels of intermediate size, our M/V Synergy Oakland and all four vessels of our newbuilding program. M/V Oakland will contribute almost $25 million of EBITDA over its minimum charter period, while each of our newbuildings almost $40 million of EBITDA over its minimum period for a total of a minimum $183 million of EBITDA during the charter period. These charters greatly increase our revenue and earnings visibility and increase our charter coverage to about 75% for 2026 and in excess of 50% in 2027; furthermore, they provide us with contracted revenues well into 2032. "We are pleased to report a very profitable third quarter with earnings per share exceeding the levels reported in the second quarter of 2025 as well as the levels of the same period of last year. Our entire fleet is chartered at very profitable rates with our charter coverage for 2026 being about 70% and with many of our contracts extending into 2028. Given this contracted charter backlog and, even if we assume very conservative rates for our charter renewals, we expect to continue reporting very strong earnings in the quarters to come."