Euroseas Ltd.

11/12/2021 | Press release | Distributed by Public on 11/12/2021 07:18

Current Report by Foreign Issuer (Form 6-K)

Converted by EDGARwiz

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number: 001-33283

EUROSEAS LTD.

(Translation of registrant's name into English)

4 Messogiou & Evropis Street

151 24 Maroussi, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the "Company") on November 11, 2021: Euroseas Ltd. Announces Agreement to Acquire a 6,350 teu Container Vessel, built in 2005 and Agreement to Enter into a Three-year Charter for the Vessel.

This Report on Form 6-K, except for the paragraph beginning with "Aristides Pittas, Chairman and CEO of Euroseas commented:" and the next succeeding paragraph, is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (File No. 333-237128) filed with the U.S. Securities and Exchange Commission on March 12, 2020, as amended.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EUROSEAS LTD.

Dated: November 12, 2021

By:

/s/ Aristides J. Pittas

Name:

Aristides J. Pittas

Title:

President

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Euroseas Ltd. Announces Agreement to Acquire a 6,350 teu Container Vessel, built in 2005

and Agreement to Enter into a Three-year Charter for the Vessel

Athens, Greece - November 11, 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 that it has agreed to acquire M/V Leo Paramount, a 6,350 teu container vessel built in 2005, for $40 million. The vessel, which is expected to be delivered to the Company within 2021 and be renamed M/V Marcos V, will be financed by own funds and a bank loan. Contemporaneously with the acquisition, the vessel will enter into a three-year time charter contract at a daily rate of $42,200 with a possible extension for an additional (fourth) year at the option of the charterer at $15,000 per day.

Aristides Pittas, Chairman and CEO of Euroseas commented:

"We are pleased to announce the acquisition of M/V Leo Paramount, an intermediate containership, built in 2005. This acquisition continues our strategy of carefully constructed transactions minimizing the market risk by reducing, by the end of the charter, the cost basis to around its scrap value. The charter contract we have entered into with a first-class charterer is expected to contribute about $35 million of EBITDA during the first three years of the contract providing us with a significant return on our investment. Furthermore, depending on the market after the end of the charter in three or four years we may have significant additional upside.

"With a fleet of sixteen feeder and intermediate containerships on the water, after the delivery of the above vessel, and two modern feeder newbuildings expected to be delivered in the first half of 2023, Euroseas reinforces its position as the main US publicly listed company focusing on feeder and intermediate container vessels. We believe, our growing presence in the sector and the public markets provides with a solid platform to consolidate in it other vessels or fleets."

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Fleet Profile:

After the delivery of M/V Piraeus Trader to its fleet, the Euroseas Ltd. fleet profile will be as follows:

Name

Type

Dwt

TEU

Year Built

Employment(*)

TCE Rate ($/day)

Container Carriers

LEO PARAMOUNT (to be renamed MARCOS V)

Intermediate

72,968

6,350

2005

TC until Dec-24

plus 12 months option

$42,200

option $15,000

AKINADA BRIDGE(*)

Intermediate

71,366

5,610

2001

TC until Oct-22

$20,000

SYNERGY BUSAN(*)

Intermediate

50,726

4,253

2009

TC until Aug-24

$25,000

SYNERGY ANTWERP(*)

Intermediate

50,726

4,253

2008

TC until Sep-23

$18,000

SYNERGY OAKLAND(+)

Intermediate

50,787

4,253

2009

TC until Jan-22

$202,000

SYNERGY KEELUNG(+)

Intermediate

50,969

4,253

2009

TC until Jun-22 plus 8- 12 months option

$11,750

option $14,500

EM KEA(*)

Feeder

42,165

3,100

2007

TC until May-23

$22,000

EM ASTORIA(+)

Feeder

35,600

2,788

2004

TC until Feb-22

$18,650

EVRIDIKI G(+)

Feeder

34,677

2,556

2001

TC until Jan-22

$15,500

EM CORFU(+)

Feeder

34,654

2,556

2001

TC until Nov-21

Then repositioning trip to drydock

$10,200

$5,125 for up to 37 days ($35,000 if more than 37 days)

DIAMANTIS P(*)

Feeder

30,360

2,008

1998

TC until Oct-24

$27,000

EM SPETSES(*)

Feeder

23,224

1,740

2007

TC until Aug-24

$29,500

JONATHAN P(*)

Feeder

23,357

1,740

2006

TC until Oct-24

$26,662(***)

EM HYDRA(*)

Feeder

23,351

1,740

2005

TC until Apr-23

$20,000

JOANNA(*)

Feeder

22,301

1,732

1999

TC until Oct-22

$16,800

AEGEAN EXPRESS(*)

Feeder

18,581

1,439

1997

TC until Mar-22

$11,500

Total Container Carriers on the Water

16

635,812

50,371

Vessels under construction

Type

Dwt

TEU

To be delivered

H4201

Feeder

37,237

2,800

Q1 2023

H4202

Feeder

37,237

2,800

Q2 2023

Note:

(*)

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 (+).

(**)

The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.

(***)

Rate is net of commissions (which are typically 5-6.25%)

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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 Leo Paramount, the Company will have a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas' fleet will consist of 18 vessels with a total carrying capacity of 55,971 teu.

Forward Looking Statement

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

Company Contact

Investor Relations / Financial Media

Tasos Aslidis

Chief Financial Officer

Euroseas Ltd.

11 Canterbury Lane,

Watchung, NJ 07069

Tel. (908) 301-9091

E-mail: [email protected]

Nicolas Bornozis

President

Capital Link, Inc.

230 Park Avenue, Suite 1536

New York, NY 10169

Tel. (212) 661-7566

E-mail: [email protected]

SK 02558 0005 9015449

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