Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has sealed a new one-year time charter deal for its 2006-built feeder containership, “Jonathan P” with a top-class charterer.
The Nasdaq-listed owner said the 1,732 teu boxship “Jonathan P” will earn $20,000 per day for a minimum period of 11 to a maximum period of 13 months at the option of the charterer.
The new charter will start after the completion of her scheduled intermediate survey, expected around mid-to-end of October 2024.
The shipowner revealed that the 1-year charter deal for its feeder containership is expected to bring to the company around 4m of Ebitda for the minimum contracted period.
Aristides Pittas, chairman and chief executive officer of Euroseas, said: “We are pleased to announce that our 18 year-old M/V Jonathan P has been chartered with a top-class charterer for 11-13 months, at a profitable rate of $20,000/day.
“This fixture is a testament to the constant need for feeder ships, despite declining container freight rates. It also validates the component of our investment strategy of acquiring vessels with minimal or no residual value risk at the expiration of their initial charter, as was the case with M/V Jonathan P.
“The present charter is expected to contribute about 4.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 96%; it also increases our charter coverage for 2025 to about 52%.”
