ESEA - Euroseas (ESEA) - Euroseas agrees to buy two container vessels

Euroseas agreed to acquire two 4,250 teu container vessels for a combined price of $37 million. The acquisitions increase ESEA's fleet to 18 vessels with 54,621 teu with an additional 7 newbuildings and 16,600 teu to be delivered in 2023-24. The price per teu is in line with recent prices, which have skyrocketed in the last 18 months as shipping rates have risen.Euroseas has locked in shipping sales contracts to assure the acquisitions are immediately accretive to EBITDA. The M/V Seaspan Manila ship has a contract through February 2025 at prices near $20,000 (with ceiling and floor pricing after April 2024). The M/V Seaspan Melbourne has a contract until March 2025 at $19,000/day. Combined, management believes the ships will add $20 million to EBITDA, or approximately $2.75 per share. Read More >>