Pittas-Led Euroseas Signs More Profitable Charters for Container vessel Duo

Euroseas, a company formed in 2005 to consolidate the ship owning interests of the Pittas family of Athens, Greece, reported yesterday a mutual agreement to terminate the current charters for its container vessels Rena P and Emmanuel P, while concurrently fixing the vessels on new charters for $21,000 per vessel per day.

The Greek shipowner Aristides Pittas agreed to terminate the current charter of 2007-built Rena P, a 4,250 teu ship which was originally expiring in February 2025 earning a rate of $20,250 per day until April 2024 and, subsequently, a rate based on the Contex index with a floor of $13,000 and a ceiling of $21,000 per day.

At the same time the company has entered into a time charter deal for a minimum period of twenty to a maximum period of twenty-four months, at the option of the charterer, at a gross daily rate of $21,000. The new charter will commence in August 2023, following the termination of its current charter.

Similarly, Euroseas agreed to terminate the current charter of 2005-built Emmanuel P, a 4,250 teu ship, which was originally expiring in March 2025 at a rate of $19,000 per day.

The conditions for the charter for this vessel are also similar to the ship Rena P – a maximum period of twenty-four months, at the option of the charterer, at a gross daily rate of $21,000. The new charter will commence in August 2023, following the termination of its current charter.

Aristides Pittas, chairman and CEO of Euroseas said that a mutual agreement has been reached with the existing charterer to terminate the charters of the two intermediate containerships built in 2007 and 2005, adding that these charters are expected to contribute between $2-4 million in extra revenues for the same period.

 “We have successfully replaced these charters at $21,000 per day, following the agreed termination of their current charters in August 2023. By maintaining a very healthy employment coverage of about 95% for the remainder of 2023, and approximately 66% for 2024 at very high levels, we can safely continue paying our quarterly dividend, continue implementing our buyback program and still have significant funds to invest in other opportunities that will arise,” Aristides Pittas said.