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Euroseas Ltd. Announces Time Charter Contract for its third Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Pepi Star
ATHENS, Greece, June 18, 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 18, 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 Pepi Star, 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 $24,250. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on or about July 19, 2024. The acquisition was financed with a combination of debt and equity. Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the seventh in a series of nine and last of our three 1,800 teu units, with a top-tier liner company, at a profitable rate level of $24,250/day for a period of two years. This rate represents a 10% increase compared to our fixture of its sister vessel, M/V Stephania K, at $22,000 just a week ago, a clear indication of the continuously strengthening rates of the containership charter market during the last months. The present charter is expected to contribute about $12.3 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 91%.” Fleet Profile: The Euroseas Ltd. fleet profile after the charter of M/V Pepi Star is as follows: Name TypeDwtTEUYear BuiltEmploymentTCE Rate ($/day)Container Carriers MARCOS V(*)Intermediate72,9686,3502005TC until Dec-24$42,200TC until Aug-25$15,000SYNERGY BUSAN(+)Intermediate50,7264,2532009TC until Dec-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 Dec-24$17,000LEONIDAS Z (*)Feeder37,2372,8002024TC until Mar-26$20,000EM ASTORIA (+)...