Business
Euroseas Ltd. Announces New Charter For Its 1,439 teu, 1997-built vessel, M/V “Aegean Express”
ATHENS, Greece, Feb. 23, 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, Feb. 23, 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 of its container vessel M/V “Aegean Express”. Specifically: M/V “Aegean Express”, a 1,439 TEU vessel built in 1997, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-nine months at the option of the charterer, at a gross daily rate of $41,000. The new charter will commence in early April 2022, in direct continuation of the present charter of the vessel. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce a three-year charter contract for our vessel M/V Aegean Express, the oldest and smallest in our fleet, at a charter rate of $41,000 per day. This contract increases our charter coverage for 2022 to about 96% and our charter coverage for 2023 and 2024 to about 67% and 45%, respectively. The daily rate of this charter is near the highest rate levels achieved by any vessel in our fleet for a three-year contract and highlights the strength of the containership markets. Over the period of this charter, M/V Aegean Express is expected to contribute in excess of $32m of EBITDA.” Fleet Profile: After the new charter arrangements of M/V “Aegean Express”, the Euroseas Ltd. fleet and employment profile will be as follows: Name TypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/day)Container Carriers MARCOS VIntermediate72,9686,3502005TC until Dec-24plus 12 monthsoption$42,200option $15,000AKINADA BRIDGE (*)Intermediate71,3665,6102001TC until Oct-22$20,000SYNERGY BUSAN (*)Intermediate50,7264,2532009TC until Aug-24$25,000SYNERGY ANTWERP (+)Intermediate50,7264,2532008TC until Dec-23$18,000SYNERGY OAKLAND (*)Intermediate50,7874,2532009TC until Apr-22then until Mar-26$160,000 (***)$42,000SYNERGY KEELUNG (+)Intermediate50,9694,2532009TC until Jun-22 TC until Feb-23$11,750$14,500EM KEA (*)Feeder42,1653,1002007TC until May-23$22,000EM ASTORIA (+)Feeder35,6002,7882004TC until Feb-22then until Feb-23then until Feb-24then until Feb-25$18,650$65,000$50,000$20,000EVRIDIKI G (*)Feeder34,6772,5562001TC until Feb-25$40,000EM CORFU (*)Feeder34,6542,5562001TC until Feb-25$40,000DIAMANTIS P (*)Feeder30,3602,0081998TC unt...