Business
Euroseas Ltd. Announces New Charter for One Of Its Vessels, M/V “EM Spetses”
ATHENS, Greece, Aug. 02, 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, Aug. 02, 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 Spetses”. Specifically, M/V “EM Spetses”, a 1,740 TEU vessel built in 2007, entered into a new time charter contract for a period between a minimum of thirty-six (36) and a maximum of forty (40) months at the option of the charterer, at a gross daily rate of $29,500. The new rate will commence on August 5, 2021 when the vessel is 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 Spetses”, for about three years at a rate about three and a half times the level of its current employment. EM Spetses’ new daily rate of $29,500 is the second highest rate earned by a vessel in our fleet and, notably, by one of our smallest vessels. This fixture follows the fixture of our M/V “EM Hydra”, a sister vessel of M/V “EM Spetses” built in 2005, that was fixed about three months ago for an approximately two-year long charter at a gross daily rate of $20,000 indicating how strongly the market has risen in the span of just three months. This new charter will secure us with a minimum of $31 million of contracted revenues and have a minimum EBITDA contribution of approximately $24 million. At the same time, Euroseas is well positioned to take advantage of a further rising market with four more ships, about 30% of our fleet on-the-water, which are expected to open up till the end of the year.” Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name TypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/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(1) 4,250 less 10% i.e. $64,660 from of 7/22/21 until 10/22/21SYNERGY KEELUNG (+)Intermediate50,9694,2532009TC until Jun-22 plus 8- 12 months option$10,000 until Jun-21; $11,750 until Jun-22; opt...