Pittas-led boxship owner Euroseas, listed on Nasdaq stock market, disclosed on Monday details for the charter contract of its feeder containership EM Corfu and the sale of its sister vessel Evridiki G.
Euroseas said its 2,556 teu feeder containership EM Corfu, built in 2001, has secured a time charter deal for a minimum period of 12 to a maximum period of 14 months, at the charterer’s option, at a gross daily rate of $62,500.
The new charter is expected to begin in mid-December 2026, following the completion of the vessel’s scheduled dry-dock.
The company also announced that it has agreed to sell EM Corfu’s sister vessel, Evridiki G, a 2,556 teu vessel also built in 2001, for approximately $26m.
The vessel is expected to be delivered to her new owners, an unaffiliated third party, upon completion of her current charter, at the end of October.
Aristides Pittas, chairman and chief executive officer of Euroseas, said: “We are pleased to announce a new time charter contract for our feeder containership, M/V EM Corfu, for 12-14 months at a profitable rate of $62,500/day.
“The charter is expected to generate approximately $17.8 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 100%, 91% and 49%, respectively.
“We are also pleased to announce the sale of M/V Evridiki G, for $26 million, a price we consider very attractive for a vessel of this vintage. We expect to record a gain on sale of approximately $22.5 million, or about $3.19 per share. We always evaluate all available employment and sale opportunities for our older vessels at the time of each decision to maximize the financial returns of our shareholders.”
After the sale of Evridiki G, the shipowner will have a fleet of 20 vessels, including 14 feeder containerships and 6 intermediate containerships with a cargo capacity of 58,588 teu.
Euroseas has also 12 vessels under construction, including four intermediate and eight feeder containerships. After the delivery of the vessels between 2027 and 2029, the company’s fleet will consist of 32 vessels with a total carrying capacity of 94,840 teu.
