Euroseas Ltd. has secured a new time charter for its 4,250 TEU containership, M/V Rena P, for 35 to 37 months at a gross daily rate of $35,500.
The new charter period is expected to commence on 21 August 2025.
The company also announced that it has completed the spin-off of three of its subsidiaries, including its two older vessels, M/V Aegean Express and M/V Joanna, as well as the funds from the earlier sale of the vessel M/V Diamantis P, into EuroHoldings Ltd. (EHLD).
EuroHoldings Ltd. began functioning as an independent firm on 18 March.
READ: Euroseas sells 2,008 TEU feeder vessel for $13.15 million
This fixture, which is comparable in duration and pricing to charters of other 4,250 TEU vessels in its fleet completed last year, indicates the charter market’s resiliency.
Euroseas noted that geopolitical uncertainties around the Red Sea’s reopening, shifting tariffs, limited vessel supply, and strong demand from major liner operators are creating a balanced charter market, where owners continue to secure highly lucrative contracts.
This charter is expected to generate $29.0 million in EBITDA over the minimum contractual term, bringing our charter coverage to approximately 88 per cent in 2025 and 54 per cent in 2026.
READ: Euroseas signs three-year charters for two vessels
Aristides Pittas, Chairman and CEO of Euroseas, said: “We are very pleased to announce that we have extended the time charter contract for our intermediate containership, M/V Rena P, with a top-tier charterer, in direct continuation of its present charter, for 35-37 months at a profitable rate of $35,500.
“In parallel, we are also pleased to announce the successful completion of our spin-off of EuroHoldings, which will continue as a separate company.
“EuroHoldings, initially owning two older vessels with profitable charters, will look to grow by investing in older vessels in the containership and other sectors, while also evaluating additional maritime opportunities.”
In February, Euroseas Ltd signed a new time charter contract for the 1,740 TEU feeder containership, M/V EM Hydra.
