Greece’s Euroseas boxship owner, led by Aristides Pittas, has agreed to extend the charter contract for one of its feeder boxships with a “top-class charterer” for a two-year period.
The Nasdaq-listed company extended the time charter contract for its 2007-built 1,740 teu feeder containership, EM Spetses, for a minimum period of 22 to a maximum period of 24 months, at the option of the charterer, at a gross daily rate of $21,500.
As informed, the new charter period will begin on April 12, 2026, in direct continuation of its present charter, and represents a daily increase of over $3,000 over the vessel’s current rate.
Aristides Pittas, chairman and CEO of Euroseas, commented: “We are very pleased to that we have extended the time charter contract for our 2007-built EM Spetses with a top-class charterer, in direct continuation of its present charter, for 22-24 months at a profitable rate of $21,500.
“This fixture highlights that despite the upcoming Lunar New Year holidays, activity across the feeder segment remains firm, as operators move to secure their requirements amid a tight container chartering market with very limited tonnage availability.
“The charter is expected to generate about $8.9 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 87%, 71% and 41% respectively.”
The company 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 containership newbuildings in 2027 and 2028, respectively, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 79,080 teu.
