Business
Euroseas Ltd. Announces Forward Charters For Two Fuel Efficient 2,800 teu Feeder Containerships currently under construction that will be delivered to the company in March and June 2023 respectively
ATHENS, Greece, May 18, 2022 (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, May 18, 2022 (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 a new charter for two newbuilding fuel efficient 2,800 teu feeder containerships currently under construction. Specifically: M/V GREGOS (H4201), a modern eco-design 2,800 teu scheduled to be delivered at the end of the first quarter of 2023, entered into a time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a gross daily rate of $48,000. The new charter will commence in March 2023, once delivered.M/V TERATAKI (H4202), a modern eco-design 2,800 teu scheduled to be delivered at the end of the second quarter of 2023, entered into a time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a gross daily rate of $48,000. The new charter will commence in June 2023, once delivered. Aristides Pittas, Chairman and CEO of Euroseas commented:\"We are very pleased to announce three-year charters for the first two of our fuel efficient 2,800 teu feeder containerships under construction, M/V GREGOS and M/V TERATAKI, at a gross daily rate of $48,000 each. The new charters will commence upon delivery of the vessels in March 2023 and June 2023, respectively. Over the period of the charters, the two vessels are expected to contribute in excess of $85m of EBITDA fully repaying our cost to build them in just about 3 years. After these charters, our charter coverage for 2023 increases to about 76% and for 2024 to almost 55%.” Fleet Profile: After the new charter arrangements of M/V “TERATAKI” and M/V “GREGOS”, the Euroseas Ltd. fleet and employment profile will be as follows: Name TypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/day) Container Carriers MARCOS VIntermediate72,9686,3502005TC until Dec-24$42,200 plus 12 months optionoption $15,000 AKINADA BRIDGE(+)Intermediate71,3665,6102001TC until Nov-22$20,000 SYNERGY BUSAN(*)Intermediate50,7264,2532009TC until Aug-24$25,000 SYNERGY ANTWERP(+)Intermediate50,7264,2532008TC until Dec-23$18,000 SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000 SYNERGY KEELUNG(+)Intermediate50,9694,2532009TC until Jun-2...