Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas disclosed on Monday details for the charter contract extensions of its Hyundai-built feeder containerships, Stephania K and Pepi Star.
Euroseas said its 2024-built 1,800 teu feeder containerships have secured two-year charter contract extensions for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $25,500.
The new charter periods will start on July 28, 2026 and August 19, 2026, respectively, in direct continuation of the present charter contracts.
The charters are expected to generate around $27m of EBITDA over the minimum contracted period of both vessels and increase the company’s charter coverage for 2026, 2027, and 2028 to about 96%, 86% and 48% respectively.
Aristides Pittas, chairman and CEO of Euroseas, stated: “We are very pleased to announce that we have extended the time charter contracts for our Hyundai-built sister vessels, M/V Stephania K and M/V Pepi Star with a top-tier charterer, in direct continuation of their present charters, for 24-26 months at a profitable rate of $25,500/day.
“This fixture demonstrates the continued demand for tonnage and the underlying strength of the containership charter market. The strong rate also reflects the premium that modern, fuel-efficient tonnage can command – especially in the current geopolitical environment, where the disruption of oil flows through the Strait of Hormuz has tightened global bunker fuel availability and driven prices higher, making eco vessels increasingly attractive to charterers.”
The shipowner has a fleet of 21 vessels, including 15 feeder containerships and 6 intermediate containerships with a cargo capacity of 61,144 teu.
After the delivery of four intermediate and six feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 31 vessels with a total carrying capacity of 93,834 teu.
