Euroseas Ltd. Announces a New Time Charter Contract for its 2001-built 2,556 teu Feeder Containership, M/V EM Corfu, and the Sale of its Sister Vessel, M/V Evridiki G

ATHENS, Greece, Oct. 19, 2026 (GLOBE NEWSWIRE) -- 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 2,556 teu feeder containership, M/V EM Corfu, built in 2001, for a minimum period of 12 to a maximum period of 14 months, at the charterer’s option, at a gross daily rate of $62,500. The new charter is expected to commence in mid-December 2026, following the completion of the vessel’s scheduled dry-dock.

The Company also announced that it has agreed to sell M/V EM Corfu’s sister vessel, M/V Evridiki G, a 2,556 teu vessel also built in 2001, for approximately $26 million. The vessel is expected to be delivered to her new owners, an unaffiliated third party, upon completion of her current charter, at the end of October.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce a new time charter contract for our feeder containership, M/V EM Corfu, for 12-14 months at a profitable rate of $62,500/day. The charter is expected to generate approximately $17.8 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 100%, 91% and 49%, respectively.

“We are also pleased to announce the sale of M/V Evridiki G, for $26 million, a price we consider very attractive for a vessel of this vintage. We expect to record a gain on sale of approximately $22.5 million, or about $3.19 per share. We always evaluate all available employment and sale opportunities for our older vessels at the time of each decision to maximize the financial returns of our shareholders.”

Fleet Profile:
The Euroseas Ltd. fleet profile after the sale of M/V Evridiki G will be 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 (+). 
(**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period.
(***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.

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.

After the sale of M/V Evridiki G, the Company will have a fleet of 20 vessels, including 14 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 58,588 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 32 vessels with a total carrying capacity of 94,840 teu.

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website www.euroseas.gr