Greek vessel owner Euroseas has entered into a time charter contract for the 1,800 TEU container ship Monica, which is currently under construction.
The charter agreement will span a minimum of 10 months and a maximum of 12 months, at the option of the charterer. The gross daily rate will be US$16,000.
The new charter will commence upon delivery of the vessel from the shipyard expected around mid-May 2024.
Euroseas said the acquisition was financed with a combination of own funds and a US$22.5 million loan provided by the National Bank of Fujairah. The same financing is secured for the sister ship Stefania K, which is expected to be delivered in mid-June.
Aristides Pittas, chairman and CEO of Euroseas, commented, "We are pleased to announce that we have chartered our upcoming newbuilding vessel, the fifth in a series of nine and first of our three 1,800 TEU units, with one of the largest liner companies, at a profitable rate level of $16,000/day."
He went on to add, "This charter is expected to contribute about US$2.7 million of EBITDA for the minimum contracted period; it increases our 2024 charter coverage to over 85%. We are also pleased to have started a cooperation with the National Bank of Fujairah, as part of our strategy of diversifying our debt financing sources and expanding our relationships with commercial shipping lenders worldwide; and, finally, we are grateful for the advice we received from Alantra DIFC in arranging this financing."
