Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has sealed three-year time charter deals with a ‘top-tier charterer’ for two of its 4,253 teu intermediate containerships, Synergy Antwerp and Synergy Keelung.
The Nasdaq-listed owner said both charters are for a minimum period of 36 months and a maximum period of 39 months, at the option of the charterer, at a gross daily rate of $35,500.
Specifically, the containership Synergy Antwerp will start its charter after the completion of her present charter, expected sometime in May 2025, whilst the second ship Synergy Keelung will start its charter after the completion of her present charter, expected in June 2025.
Aristides Pittas, chairman and CEO of Euroseas, said: “We are very pleased to announce new time charter contracts for two of our 4,253 teu vessels – M/V Synergy Antwerp and M/V Synergy Keelung – with a top-tier charterer for 36-39 months at a very profitable rate of $35,500/day/vessel.
“These charters continue to demonstrate the strong demand for feeder and intermediate size vessels by liner companies despite the possibility of potential rerouting of vessels back through the Suez Canal later in the year.
“We believe that charterers are willing to secure tonnage well in advance at very firm periods and rates, driven by the tight supply of feeder and intermediate containership vessels. This is largely due to their very limited orderbook and the fact that a large percentage of their fleet is older than 20 years.
“These specific contracts are expected to contribute approximately $57 million in EBITDA over the minimum contracted period, increasing our 2025 charter coverage to about 82%, and our charter coverage for 2026 to about 45%.
“Furthermore, given the notable performance improvements of retrofitted sister vessels in our fleet, the growing demand for more fuel-efficient, high-spec vessels, as well as the mutual benefits of such upgrades, we have also agreed with the charterer to retrofit the M/V Synergy Keelung with energy saving devices (ESDs) sharing the costs of the upgrade.”
Following the completion of the spin-off of three of the company’s subsidiaries into Euroholdings Ltd., Euroseas will have a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships.
Euroseas 22 containerships will have a cargo capacity of 67,494 teu. After the delivery of the two intermediate containership newbuildings in 2027, Euroseas’ fleet will consist of 24 vessels with a total carrying capacity of 76,094 teu.
