Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has sealed a new two-year time charter deal for its 1999-built feeder containership Joanna with a “top-tier” liner company.
The Nasdaq-listed owner said the 1,732-teu boxship “Joanna” will earn $16,500 per day for a minimum period of 23 to a maximum period of 25 months at the option of the charterer.
The new charter will start after the completion of her scheduled drydock expected to take place around end of October.
The shipowner also took delivery on June 24 of the feeder containership “Stephania K,” its second fuel efficient 1,800 teu feeder newbuilding, from Hyundai Mipo dockyard, in South Korea.
The vessel is equipped with a Tier III engine and other sustainability-linked features, including installation of alternative maritime power.
The vessel is already employed at a rate of $22,000 per day for a 23 to 25 months charter.
Meanwhile, the company revealed that its 2,788 teu feeder containership vessel “EM Astoria”, built in 2004, was delivered to its new owners on June 26.
The vessel was sold for around $10m, resulting in a gain on sale of more than $5.5m or about $0.80/share. The sale contributed to the company’s total earnings of about $42.8m since its acquisition in 2017.
Aristides Pittas, chairman and chief executive of Euroseas, said: “We are very pleased to have secured a two-year charter for our 25-year-old M/V Joanna with a top-tier liner company, at a profitable average rate of $16,500/day.
“The current strength of the market has allowed us to prolong the vessel’s life by taking the vessel through its fifth special survey, resulting in higher overall earnings for our shareholders over the duration of the new charter.
“The term and rate of the said charter are indicative of the current strength of the market. This charter is expected to contribute about 6.4 million of Ebitda for the minimum contracted period and increase our remaining 2024 charter coverage to 92%. It also increases our charter coverage for 2025 to about 40%.”
“We are also pleased to welcome M/V Stephania K in our fleet. The vessel is the sixth in a series of nine and the second of our three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines. The vessel’s current charter is expected to contribute about $11 million of Ebitda for the minimum contracted period.”
