Euroseas Ltd. (Euroseas) has announced a time charter agreement for its 4,250 TEU intermediate containership, M/V Synergy Busan.
The contract is for a minimum of 36 to a maximum of 38 months, at the charterer’s discretion, with a gross daily rate of $35,500.
The new charter will begin in early December 2024, as a direct continuation of the previous charter.
READ: Euroseas inks charter for feeder vessel
Aristides Pittas, Chairman and CEO of Euroseas, said: “We are very pleased to announce that M/V
Synergy Busan has extended its charter contract with a top-class charterer for 36-38 months, at a profitable rate of $35,500/day.
“This fixture, a strong increase compared to last-done, demonstrates that activity is starting to pick up again and charter market terms remain at very healthy and firm levels. It also seems to indicate that
our investment decision to retrofit the vessel with energy saving devices (ESDs), installed during the ship’s
drydock last year, is appreciated by the market and paying off.
“This charter is expected to contribute in excess of about 29.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 95 per cent; it also increases our charter coverage for 2025 to about 50 per cent.”
