6-K 1 f122922esea6k.htm 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 December 2022


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.




1


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 December 29, 2022: Euroseas Ltd. Announces the Sale of 5,610 teu Container Vessel, built in 2001.


This Report on Form 6-K 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 (the “Commission”) on March 12, 2020, as amended, and the Company’s Registration Statement on Form F-3 (File No. 333-268708) filed with the Commission on December 7, 2022.




2


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: December 29, 2022

By:

/s/ Aristides J. Pittas

 

 

Name:  

Aristides J. Pittas

 

 

Title:

President

 




3


Exhibit 1

[f122922esea6k002.gif]




Euroseas Ltd. Announces the Sale of 5,610 teu Container Vessel, built in 2001


Maroussi, Athens, Greece – December 29, 2022 – Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has agreed to sell M/V Akinada Bridge, a 5,610 teu intermediate containership vessel built in 2001, at a gross price of $14.2 million. The vessel is expected to be delivered to its buyers in the beginning of January 2023.


Fleet Profile

After the sale of M/V “Akinada Bridge”, the Euroseas Ltd. fleet and employment profile will be as follows:

Name

Type

Dwt

TEU

Year Built

Employment(*)

TCE Rate ($/day)

Container Carriers

 

 

 

 

 

 

MARCOS V

Intermediate

72,968

6,350

2005

TC until Dec-24

$42,200

plus 12 months option

option $15,000

SYNERGY BUSAN(*)

Intermediate

50,726

4,253

2009

TC until Aug-24

$25,000

SYNERGY ANTWERP(+)

Intermediate

50,726

4,253

2008

TC until Dec-23

$18,000

SYNERGY OAKLAND(*)

Intermediate

50,787

4,253

2009

TC until May-26

$42,000

SYNERGY KEELUNG(+)

Intermediate

50,969

4,253

2009

TC until Feb-23

 

$14,500

EMMANUEL P (ex-SEASPAN MELBOURNE) (*)

Intermediate

50,796

4,250

2005

TC until Mar-25

$19,000

RENA P (ex-SEASPAN MANILA)(*)

Intermediate

50,796

4,250

2007

TC until April-24

$20,250 then

Then until Feb 25

CONTEX(**) with $13,000 floor and $21,000 ceiling

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-23

$65,000

then until Feb-24

$50,000

then until Feb-25

$20,000

EVRIDIKI G(*)

Feeder

34,677

2,556

2001

TC until Feb-25

$40,000

EM CORFU(*)

Feeder

34,654

2,556

2001

TC until Feb-25

$40,000

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 Sep-24

$26,662(***)

EM HYDRA(*)

Feeder

23,351

1,740

2005

TC until April-23

$20,000

JOANNA(*)

Feeder

22,301

1,732

1999

TC until May-23

$14,500

AEGEAN EXPRESS(*)

Feeder

18,581

1,439

1997

TC until Apr-25

$41,000

Total Container Carriers

17

666,038

53,261

 

 

 


Vessels under construction

Type

Dwt

TEU

To be delivered

Employment(*)

TCE Rate ($/day)

GREGOS (*)

Feeder

37,237

2,800

Q1 2023

TC until Mar-26

$48,000

TERATAKI (*)

Feeder

37,237

2,800

Q2 2023

TC until June-26

$48,000

TENDER SOUL

Feeder

37,237

2,800

Q4 2023

 

 

LEONIDAS Z

Feeder

37,237

2,800

Q1 2024

 

 

MONICA

Feeder

22,262

1,800

Q1 2024

 

 

STEPHANIA K

Feeder

22,262

1,800

Q2 2024

 

 

PEPI STAR

Feeder

22,262

1,800

Q2 2024

 

 

DEAR PANEL

Feeder

37,237

2,800

Q4 2024

 

 

SYMEON P

Feeder

37,237

2,800

Q4 2024

 

 

Total under construction

9

290,208

22,200

 

 

 



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 (+).

(**)

CONTEX stands for the Container Ship Time Charter Assessment Index.

(***)

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





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 sale of the M/V Akinada Bridge, the Company will have a fleet of 17 vessels comprising of 10 Feeder and 7 Intermediate containerships. Euroseas 17 containerships have a cargo capacity of 53,261 teu. On a fully-delivered basis of its vessels under construction, the Company’s fleet will increase to 26 containerships with a cargo capacity of about 75,461 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: aha@euroseas.gr

Nicolas Bornozis

Markella Kara

Capital Link, Inc.

230 Park Avenue, Suite 1540

New York, NY 10169

Tel. (212) 661-7566

E-mail: euroseas@capitallink.com



SK 02558 0005 9904985



4