Business
Euroseas Ltd. Announces a $19,000 per day Three-Year Charter for its 3,100 teu, 2007-built Vessel, M/V EM Kea and $15,000 per day One-Year Charter for its 1,740 teu, 2005-built Vessel, M/V EM Hydra
ATHENS, Greece, April 26, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, April 26, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today charter extensions for its container vessels, M/V Kea and MV Hydra. Specifically: M/V EM Kea, a 3,100 TEU vessel built in 2007, entered into a time charter contract extension for a period of thirty-six months, at a gross daily rate of $19,000. The new charter will commence in June 2023 immediately following the completion of its current charter.M/V EM Hydra, a 1,740 TEU vessel built in 2005, entered into a new time charter contract extension for a period of between a minimum of twelve and a maximum of fifteen months at the option of the charterer, at a gross daily rate of $15,000. The new charter will commence in May 2023 immediately following the completion of its current charter. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce these two new charters which reflect the recent strengthening of the feeder containership markets and bring our charter coverage over the next 12 months in the range of 85-90%. It is noteworthy that the recent strengthening of the market for some segments has been in the range of 15-20% from the market turning point observed about 3 months ago. Especially for our M/V Kea, the three-year charter we concluded at $19,000/day is higher than our previously expected level for the vessel. The two vessels combined secure in excess of $24m of net charter revenues and contribute in excess of $13m of EBITDA during the period of the charter extensions.” Fleet Profile: After the new charter arrangements of M/V EM Hydra and M/V EM Kea, the Euroseas Ltd. fleet and employment profile will be as follows: Name TypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/day)ContainerCarriers MARCOS VIntermediate72,9686,3502005TC until Dec-24$42,200plus 12 months optionoption $15,000SYNERGY KEELUNG(*)Intermediate50,9694,2532009TC until Apr-23$14,500TC until Apr-25$23,000SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000SYNERGY BUSAN(*)Intermediate50,7264,2532009TC until Aug-24$25,000SYNERGY ANTWERP(+)Intermediate50,7264,2532008TC until Dec-23$18,000RENA P (ex-SEASPAN MANILA)(*)Intermediate50,7964,2502007TC until April-24$20,250 thenThen until Feb 25CONT...