Nasdaq-listed owner and operator of container carriers and tankers EuroHoldings announced time charter contract extensions for two of its feeder containerships, Joanna and Aegean Express.
The company said it had agreed to charter contract extension for the 1,732 teu feeder containership, Joanna, for a minimum of 30 months plus up to an additional 20 days at the option of the charterer, at a gross daily rate of $24,000. The new period will commence on December 2, 2026.
EuroHoldings had also agreed to extend the contract for the 1,439 teu feeder containership, Aegean Express, 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 $20,500. The new period will begin on January 1, 2027.
Aristides Pittas, chairman and chief executive officer of EuroHoldings, commented: “We are very pleased to announce the extension of the time charter contracts for our feeder containerships, M/V Joanna and M/V Aegean Express, in direct continuation of their current charters at significantly higher rates than their current contracts.
“These fixtures are a testament to the continued firmness of the containership charter market, even for vintage vessels, amid ongoing geopolitical disruptions and a complete shortage of prompt tonnage to meet operators’ continued requirements.
“These fixtures will provide us with significant cash flows during their contracted period, building our liquidity, strengthening our balance sheet, and positioning us to better capitalize on opportunities to further grow our presence as a product tanker company, our stated growth strategy. The charters combined are expected to generate approximately $24 million of EBITDA over the minimum contracted period and increase our charter coverage for 2026, 2027, and 2028 to about 79, 48% and 47%, respectively.”
The company has a fleet of two feeder container carriers with a total carrying capacity of 3,171 TEU and two medium range product tankers with capacity of 99,994-dwt on a fully delivered basis, following the delivery of Hellas Fighter.
