Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has sealed three-year time charter deals with a ‘top-tier charterer’ for its three eco 2,800 teu feeder containership newbuildings, Tender Soul, Dear Panel and Symeon P.
The Nasdaq-listed owner said all three charters are for a minimum period of 34 months and a maximum period of 36 months at the option of the charter.
The three 2,800 teu feeder containerships are chartered for a gross rate of $32,000 per day.
Specifically, the vessel Tender Soul, which was delivered earlier this year, will commence its charter after the completion of her present charter in early December 2024.
The other two Dear Panel and Symeon P, which are currently under construction, and represent the last two of the company’s nine-vessel newbuilding program, will commence their charters upon delivery from the shipyard, expected in the first week of January 2025.
Aristides Pittas, chairman and CEO of Euroseas, said: “We are very pleased to announce new time charter contracts for three of our modern 2,800 teu vessels – M/V Tender Soul and the last two upcoming newbuildings, MV/ Dear Panel and M/V Symeon P – with a top-tier charterer for 34-36 months at a very profitable rate of $32,000/day/vessel.
“This en-bloc deal underscores the charterers’ sustained interest and need to invest in high-spec, eco-friendly vessels.
“The 3-year duration also emphasizes their long-term view in the resilience of the market, especially, the feeder containership segment, and the fact that such eco-friendly vessels will be particularly important going forward as they navigate increasingly stringent environmental regulations.
“These charters are expected to contribute about $79 million of EBITDA for the minimum contracted period and increase our 2025 charter coverage to about 63%, and our charter coverage for 2026 to about 31%.”
The shipowner has a fleet of 23 vessels, including 16 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,073 teu.
After the delivery of its two remaining feeder containership newbuildings in 2025, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 72,673 teu.
