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Home News Euroseas secures boxship time charter for US$29,500/day

Euroseas secures boxship time charter for US$29,500/day

Greek owner and operator of container vessels, Euroseas has announced a new time charter contract for its 1,740TEU container vessel EM Spetses.

Specifically, the 2007-built feeder entered into a new time charter contract for a period between a minimum of 36 and a maximum of 40 months at the option of the charterer, at a gross daily rate of US$29,500.

The new rate, which is about three and a half times the level of its current employment, will commence on 5 August, when the vessel is redelivered from its current charterer.

"EM Spetses’ new daily rate of US$29,500 is the second-highest rate earned by a vessel in our fleet and, notably, by one of our smallest vessels," pointed out Aristides Pittas, Chairman and CEO of Euroseas, who went on to explain, "This new charter will secure us with a minimum of US$31 million of contracted revenues and have a minimum earnings before interest, taxes, depreciation, and amortization (EBITDA) contribution of approximately US$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, according to the company's chairman.

Euroseas has currently a fleet of 14 container ships, ranging from 1,400 to 5,600TEU, with a further two 2,800TEU vessels on order, which are expected to be delivered during the first and the second quarter of 2023.

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