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Euroseas Ltd. Announces Time Charter Contract for its Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Stephania K
ATHENS, Greece, June 10, 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, June 10, 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 it has entered into a time charter contract for M/V Stephania K, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $22,000. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on June 28, 2024. The acquisition was financed with a combination of own funds and a US$22.5 million loan provided by the National Bank of Fujairah. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the sixth in a series of nine and second of our three 1,800 teu units, with one of the largest liner companies, at a profitable rate level of $22,000/day for a period of two years. This charter represents a significant improvement compared to recent fixtures, both in terms of rate and duration, as evidenced by our own fixture for its sister vessel, M/V Monica, at $16,000 for 12 months only a month ago. The present charter is expected to contribute about $11.0 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 90%.” Fleet Profile:The Euroseas Ltd. fleet profile after the charter of M/V Stephania K is as follows: Name TypeDwtTEUYear BuiltEmploymentTCE Rate ($/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(*)Intermediate50,9694,2532009TC until Apr-25$23,000EMMANUEL P(*)Intermediate50,7964,2502005TC until Apr-25$21,000RENA P(*)Intermediate50,7964,2502007TC until Apr-25$21,000EM KEA(*)Feeder42,1653,1002007TC until May-26$19,000GREGOS(*)Feeder37,2372,8002023TC until Apr-26$48,000TERATAKI(*)Feeder37,2372,8002023TC until Jul-26$48,000TENDER SOUL(*)Feeder37,2372,8002024TC until Oct-24$17,000LEONIDAS Z (*)Feeder37,237...