Euroseas: One-Year Time Charter Contract & Completion of Retrofits for its Intermediate Containership “Synergy Antwerp”

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 time charter contract for its 4,250 teu intermediate containership, M/V Synergy Antwerp, for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500.

The charter commenced on April 2, 2024, after the vessel successfully completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of “energy saving devices”. The latter are expected to improve her consumption in the commercial speed range by about 25%. On that basis, the vessel will emit about 9,800 metric tons of CO2 less per annum.

The following retrofits and “energy saving devices” were installed on the ship:
(a) New bulbous bow
(b) A new and lighter propeller
(c) Hub vortex absorbed fins (HVAF)
(d) Pre-shrouded vanes (PSV)
(e) Silicone coating of the ship’s underwater parts
(f) LED lights
(g) Auto pilot upgrade with advanced ecology control
(h) Jacket pre-heater auto control

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that M/V
Synergy Antwerp was chartered for about a year to a top-tier charterer at a very profitable rate of $26,500/day,
following the completion of its drydock and retrofits. The charter rate represents a strong increase compared
to last done, indicating charterer’s interest in more modern, energy efficient vessels; it is expected to contribute
about $6.5 million of EBITDA over the minimum contracted period and increases our 2024 charter coverage
to about 80%. This is the third vessel from our fleet undergoing retrofits as part of our ongoing efforts to
modernize our fleet and reduce our carbon footprint.”