Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has sealed new time charter contracts for its 2001-built 2,556 teu feeder containerships with a “top-class charterer.”
The shipowner said that the charter contract extensions were awarded to EM Corfu and Evridiki G.
Specifically, EM Corfu has been fixed for a minimum period of 18 months and a maximum period of 20 months at the option of the charterer at a gross daily rate of $28,000 per day.
The second ship Evridiki G has been fixed for a minimum period of 14 months and a maximum period of 16 months at the option of the charterer at a gross daily rate of $29,500 per day.
Both vessels will commence their new charters upon the completion of their current ones, expected around mid-February 2025 for the first vessel EM Corfu, and early February 2025 for the second vessel Evridiki G.
Aristides Pittas, chairman and CEO of Euroseas, said: “We are pleased to announce that our vessels, EM Corfu and Evridiki G, have extended their charter contracts with a top-class charterer for 18-20 months and 14-16 months respectively, at highly profitable rates of $28,000/day/vessel and $29,500/day/vessel, respectively.
“The rates of these fixtures indicate the continuing need that liner companies have to secure feeder vessels which are likely to be in short supply given the segment’s orderbook and age profile.
“The specific charters extend to the time of the fifth special survey of the vessels on their 25th birthday, at which time we will assess their economic prospects in connection to the cost of completing their fifth special survey and drydock.
“Over the minimum contract period, these two vessels are expected to contribute about $20 million of EBITDA, increasing our 2025 charter coverage to over 70% and our charter coverage for 2026 to about 35%.”
The company 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.
