Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has secured a three-year charter deal with a “top-tier charterer” for one of its boxships.
The Nasdaq-listed company reached a three-year deal for its 4,250 teu intermediate containership, Emmanuel P, built in 2005, for a minimum period of 36 to a maximum period of 38 months, at the option of the charterer, at a gross daily rate of $38,000.
The new charter period is expected to start upon delivery of the vessel from the shipyard, following the completion of her scheduled drydock and the installation of energy saving devices, both of which are expected in the first half of September of 2025.
The Pittas-led company revealed that this charter is expected to generate more than $32m in EBITDA, over the minimum contracted period and increase the company’s charter coverage to approximately 97% for 2025, 67% for 2026 and 40% for 2027.
In parallel, Euroseas average contracted daily rate increases to about $28,700 for the remainder of 2025 and further increases to more than $31,000 per day in 2026 and more than $33,000 per day in 2027, with Mr. Pittas claiming that this provides “significant visibility into the company’s future cash flows and earnings.”
Aristides Pittas, chairman and CEO of Euroseas, said: “We are very pleased to announce a new time charter contract for our intermediate containership, M/V Emmanuel P, with a top-tier charterer for 36-38 months at a profitable rate of $38,000 per day.
“Amidst a shortage of tonnage, this fixture sets a higher rate level than “last done” and serves as a strong testament to the continued strength of the containership market, as well as the trust main market players place on Euroseas’s commercial, technical and commercial management.”
The company has a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships with a cargo capacity of 67,494 teu.
After the sale of Marcos V and the delivery of the two intermediate containership newbuildings in 2027, Euroseas’ fleet will consist of 23 vessels with a total carrying capacity of 69,744 teu.
