Euroseas boxship owner, listed on the American stock market, led by Aristides Pittas has entered a time charter contract for its 4,250 teu intermediate containership Synergy Antwerp with an undisclosed client.
The deal is for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500.
Aristides Pittas revealed that the charter is expected to contribute about $6.5m of Ebitda over the minimum contracted period and increases Euroseas 2024 charter coverage to about 80%.
The charter began on April 2 after the vessel completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of “energy saving devices”.
The owner believes that the latter would improve the vessel’s consumption in the commercial speed range by about 25%.
“On that basis, the vessel will emit about 9,800 metric tons of CO2 less per annum,” it says.
The retrofits and “energy saving devices” that were installed on the ship include a new bulbous bow, a new and lighter propeller, hub vortex absorbed fins, pre-shrouded vanes, silicone coating of the ship’s underwater parts, LED lights, an auto pilot upgrade with advanced ecology control, and a jacket pre-heater auto control.
Aristides Pittas, chairman and chief executive of Euroseas, said: “We are pleased to announce that M/V Synergy Antwerp was chartered for about a year to a top-tier charterer at a very profitable rate of $26,500/day, following the completion of its drydock and retrofits.
“The charter rate represents a strong increase compared to last done, indicating charterer’s interest in more modern, energy efficient vessels; it is expected to contribute about $6.5 million of EBITDA over the minimum contracted period and increases our 2024 charter coverage to about 80%.
“This is the third vessel from our fleet undergoing retrofits as part of our ongoing efforts to modernize our fleet and reduce our carbon footprint.”
The Greek firm has a fleet of 20 vessels, including 13 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 61,661 teu.
After the delivery of six feeder containership newbuildings in 2024, Euroseas’ fleet will consist of 26 vessels with a total carrying capacity of 75,461 teu.
