Euroseas Ltd. has announced new time charter contracts for its 2001-built 2,556 TEU feeder containerships EM Corfu and Evridiki G, which are a direct continuation of their previous contracts.
EM Corfu is set for a minimum of 18 months and a maximum of 20 months at the charterer’s choice, with a gross daily fee of $28,000.
The charterer has fixed Evridiki G for a minimum of 14 months and a maximum of 16 months, with a daily gross rate of $29,500.
Both vessels’ new charters will begin after their present ones expire, which is projected to be around mid-February 2025 for EM Corfu and early February 2025 for Evridiki G.
READ: Euroseas reports $58.7 million net revenues in H1 2024
Aristides Pittas, Chairman and CEO of Euroseas, said that over the minimum contract period, the two vessels are expected to contribute about $20 million of EBITDA, increasing Euroseas’ 2025 charter coverage to over 70 per cent and its charter coverage for 2026 to about 35 per cent.
In October, Euroseas announced a time charter deal for M/V Jonathan P, a 1,732 TEU feeder containership.
