Business
Euroseas Ltd. Announces New Charter for One Of Its Vessels, M/V “EM Hydra”
ATHENS, Greece, May 06, 2021 (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 06, 2021 (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 time charter contract for its container vessel M/V “EM Hydra”. Specifically: M/V “EM Hydra”, a 1,740 TEU vessel built in 2005, entered into a new time charter contract for a period between a minimum of twenty three and a maximum of twenty five months at the option of the charterer, at a gross daily rate of $20,000. The new rate will commence between May 15, 2021 and May 25, 2021 when the vessel will be redelivered from its current charterer. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the new charter for our vessel, M/V “EM Hydra”, for a minimum period of twenty three months at a rate about two and a half times the level of her current employment. This fixture follows less than a month after our fixture of M/V “Joanna”, a 1,732 TEU vessel built in 1999, that was fixed for a minimum of eighteen months at a gross daily rate of $16,800 indicating how strongly the market continues to rise. This new charter will secure a minimum of $13.8m of contracted revenues and makes an EBITDA contribution of approximately $9m.” Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name TypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/day)Container Carriers AKINADA BRIDGE (*)Intermediate71,3665,6102001TC until Oct-21 plus 10-12 months option$17,250; option $20,000SYNERGY BUSAN (+)Intermediate50,7264,2532009TC until Aug-21 / TC until Aug-24$12,000$25,000SYNERGY ANTWERP (*)Intermediate50,7264,2532008TC until Sep-23$18,000SYNERGY OAKLAND (*)Intermediate50,7874,2532009TC until Jun-21CONTEX(**) 4,250 less 10% revised every 3 months; Currently $24,918 minus 10% from of 21/1/21 until 21/4/21SYNERGY KEELUNG (+)Intermediate50,9694,2532009TC until Jun-22 plus 8-12 months option$10,000 until Jun-21; $11,750 until Jun-22; option $14,500EM KEAFeeder42,1653,1002007TC until May-23$22,000EM ASTORIA (+)Feeder35,6002,7882004TC until Feb-22$18,650EVRIDIKI G (+)Feeder34,6772,5562001TC until Jan-22$15,500EM CORFU (*)Feeder34,6542,5562001TC until Sep-21$10,200DIAMANTIS P (+)Feeder30,3602,0081998TC until Aug-21$6,500EM SPETSES (+)Feeder23,2241,7402007TC until Jul-21$8,100EM HYDRA (*)Feede...