Euroseas extends charter contract for 1,740 TEU feeder vessel

Euroseas Ltd has signed a new time charter contract for the 1,740 TEU feeder containership, M/V EM Hydra.

The vessel charter contract is for a minimum of 24 to a maximum of 26 months, at the charterer’s choice, at a gross daily rate of $19,000, and is a straight continuation of its present charter.

The new charter term is set to begin on 1 May 2025.

Aristides Pittas, Chairman and CEO of Euroseas, said: “Despite the potential reopening of the Red Sea routes, which could normalise trading routes, the charter market for feeder containerships remains quite resilient, with limited vessel availability continuing to support strong periods and rates.

“This charter is expected to contribute about $7.3 million of EBITDA over the minimum contracted period and increase our 2025 charter coverage to about 85 per cent, and our charter coverage for 2026 to about 50 per cent.”

Last month, Euroseas Ltd. announced that its wholly owned subsidiary, Euroholdings Ltd., sold M/V Diamantis P, a 2,008 TEU feeder containership vessel constructed in 1998, for about $13.15 million.

More recently, Euroseas Ltd. signed new time charter contracts for two of its 4,253 TEU intermediate containerships: M/V Synergy Antwerp and M/V Synergy Keelung.