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Euroseas Ltd. Announces One-Year Time Charter Contract and Completion of Retrofits for its Intermediate Containership, M/V Synergy Antwerp
ATHENS, Greece, April 02, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, April 02, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract for its 4,250 teu intermediate containership, M/V Synergy Antwerp, for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500. The charter commenced on April 2, 2024, after the vessel successfully completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of “energy saving devices”. The latter are expected to improve her consumption in the commercial speed range by about 25%. On that basis, the vessel will emit about 9,800 metric tons of CO2 less per annum. The following retrofits and “energy saving devices” were installed on the ship: (a) New bulbous bow(b) A new and lighter propeller(c) Hub vortex absorbed fins (HVAF) (d) Pre-shrouded vanes (PSV)(e) Silicone coating of the ship’s underwater parts(f) LED lights(g) Auto pilot upgrade with advanced ecology control(h) Jacket pre-heater auto control Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that M/V Synergy Antwerp was chartered for about a year to a top-tier charterer at a very profitable rate of $26,500/day, following the completion of its drydock and retrofits. The charter rate represents a strong increase compared to last done, indicating charterer’s interest in more modern, energy efficient vessels; it is expected to contribute about $6.5 million of EBITDA over the minimum contracted period and increases our 2024 charter coverage to about 80%. This is the third vessel from our fleet undergoing retrofits as part of our ongoing efforts to modernize our fleet and reduce our carbon footprint.” Fleet Profile: The Euroseas Ltd. fleet profile is as follows: Name TypeDwtTEUYear BuiltEmploymentTCE Rate ($/day)Container Carriers MARCOS V(*)Intermediate72,9686,3502005TC until Dec-24$42,200TC until Aug-25$15,000SYNERGY BUSAN(*)Intermediate50,7264,2532009TC until Aug-24$25,000SYNERGY ANTWERP(*)Intermediate50,7264,2532008TC until Mar-25$26,500(**)SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000SYNERGY KEELUNG(*)Intermediate50,9694,2532009T...