Business
Euroseas Ltd. Announces 18-month Charter Contract for its Feeder Containership, EM Spetses
ATHENS, Greece, July 23, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, July 23, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its 1,740 feeder containership, EM Spetses, for a minimum period of 18 to a maximum period of 20 months at the option of the charterer, at a gross daily rate of $18,100. The charter for EM Spetses will commence in early August 2024, upon the completion of its current charter. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our EM Spetses for 18 months with a top-class charterer, at a profitable rate of $18,100/day. Despite the usual summer slowdown, this fixture is a testament to the firmness of the market, with underlying demand/market fundamentals remaining quite strong. This charter is expected to contribute about 5.5 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to 94%; it also increases our charter coverage for 2025 to about 44%.” Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name TypeDwtTEUYear BuiltEmploymentTCE Rate ($/day)Container Carriers MARCOS V(*)Intermediate72,9686,3502005TC until Dec-24$42,200TC until Aug-25$15,000SYNERGY BUSAN(+)Intermediate50,7264,2532009TC until Dec-24$25,000SYNERGY ANTWERP(*)Intermediate50,7264,2532008TC until Mar-25$26,500(**)SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000SYNERGY KEELUNG(*)Intermediate50,9694,2532009TC until Apr-25$23,000EMMANUEL P(*)Intermediate50,7964,2502005TC until Apr-25$21,000RENA P(*)Intermediate50,7964,2502007TC until Apr-25$21,000EM KEA(*)Feeder42,1653,1002007TC until May-26$19,000GREGOS(*)Feeder37,2372,8002023TC until Apr-26$48,000TERATAKI(*)Feeder37,2372,8002023TC until Jul-26$48,000TENDER SOUL(+)Feeder37,2372,8002024TC until Dec-24$17,000LEONIDAS Z (*)Feeder37,2372,8002024TC until Mar-26$20,000PEPI STAR(*)(**)Feeder22,2621,8002024TC until Jun-26 $24,250 EVRIDIKI G(*)Feeder34,6772,5562001TC until Feb-25$40,000EM CORFU(*)Feeder34,6542,5562001TC until Feb-25$40,000DIAMANTIS P(*)Feeder30,3602,0081998TC until Oct-24$27,000MONICA(*)Feeder22,2621,8002024TC until May-25$16,000STEPHANIA K(*)(**)Feeder22,2621,8002024TC until May-26$22,000EM SPETSES(*)Fee...