Euroseas Fixes EM Corfu at $62,500/Day, Sells Older Ship for $26M With $22.5M Gain
ESEA sits 27% above its 52-week low of $51.
Summary
Euroseas locked in a 12-14 month charter for the 2,556 teu EM Corfu at a gross daily rate of $62,500, up from the $28,000/day it earns under its current charter running until Oct-26, with the new charter expected to commence mid-December 2026 following completion of the vessel's scheduled dry-dock and a minimum period of 12 to a maximum period of 14 months at the charterer's option. The firm rate should generate roughly $17.8M of EBITDA over the minimum term and lift charter coverage to about 100% for 2026, 91% for 2027 and 49% for 2028. It is also selling the 2001-built 2,556 teu sister ship Evridiki G to an unaffiliated third party for about $26M, booking an expected gain of roughly $22.5M, or about $3.19 per share — a one-time boost that is large relative to this small-cap's earnings base — with delivery to the new owners expected upon completion of the vessel's current charter, at the end of October. The pair of moves fits the company's pattern of fixing strong rates and recycling older tonnage; it follows the August extension of the Jonathan P at $26,000/day and the H1 filing showing $65.1M of net income and $157.4M of cash.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — Euroseas expects the EM Corfu charter to add about $17.8M of EBITDA and lift charter coverage to about 100% for 2026, 91% for 2027 and 49% for 2028.
- EM Corfu Charter Rate — The new charter carries a gross daily rate of $62,500, versus $28,000/day under the current charter running until Oct-26.
- EM Corfu Charter Timing — The new charter is expected to commence mid-December 2026 after the scheduled dry-dock, for a minimum of 12 to a maximum of 14 months at the charterer's option.
- Evridiki G Sale Terms — The 2001-built 2,556 teu Evridiki G is being sold to an unaffiliated third party for approximately $26 million.
- Evridiki G Gain — The sale is expected to book a gain of approximately $22.5 million, or about $3.19 per share.
- Evridiki G Delivery — The vessel is expected to be delivered to the new owners upon completion of its current charter, at the end of October.
All 10 details
- Evridiki G expected delivered to new owners upon completion of current charter, at the end of October.
- Evridiki G buyer is an unaffiliated third party.
- EM Corfu new charter expected to commence mid-December 2026, following completion of the vessel's scheduled dry-dock.
- EM Corfu current charter runs TC until Oct-26 at $28,000/day.
- EM Corfu charter: minimum period of 12 to a maximum period of 14 months, at the charterer's option.
- EM Corfu charter gross daily rate of $62,500.
- M/V Evridiki G sale price approximately $26 million.
- M/V Evridiki G is a 2,556 teu vessel built in 2001.
- Expected gain on sale of M/V Evridiki G approximately $22.5 million, or about $3.19 per share.
- EM Corfu new charter gross daily rate $62,500 versus current rate $28,000/day under TC until Oct-26.
At the time of this announcement, ESEA was trading at $65.00 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $435.1M. The 52-week trading range was $51.00 to $79.67. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.