Mv EM Astoria

Euroseas Ltd boxship owner listed on Nasdaq and led-by Aristides Pittas, has announced today a time charter contract for its 1,740 teu feeder containership “EM Hydra” for a minimum period of ten to a maximum period of twelve months at the option of the charterer, at a gross daily rate of $13,000 in direct continuation of its existing charter.

Euroseas Ltd also announced that it has signed a memorandum of agreement to sell EM Astoria, a 2,788 teu feeder containership vessel, built in 2004, for approximately $10m.

The vessel is expected to be delivered to its new owners, an unaffiliated third party, by the end of June 2024, as the company reveals.

Aristides Pittas, chairman and chief executive of Euroseas, said: “We are pleased to announce that M/V EM Hydra extended its charter in direct continuation of its present charter contract for 10-12 months at a profitable rate of $13,000/day in line with the market.

“It is expected to contribute about $1.5 million of EBITDA over the minimum contracted period, increasing our 2024 charter coverage to almost 85%.”

Pittas also added that “We are also pleased to announce our agreement to sell our M/V EM Astoria, after reaching a mutual agreement with the charterers to terminate its charter about eight months early.

“This sale capitalizes on the current relatively stronger vessel values and saves the company the cost of the upcoming special survey of the vessel. We expect to book a gain on sale of more than $5.5 million or about $0.80/share.”

Source: Euroseas Ltd.