Euroseas settles charters for two 4,250 TEU containerships

Euroseas settles new charters for its two 4,250 TEU containerships

Euroseas Ltd., a Greek shipping company, has announced new charters for its two 4,250 TEU containerships, 2007-built Rena P and 2005-built Emmanuel P.

Following the mutually agreed-upon termination of the existing charters, the vessels will be valued at $21,000 per vessel per day.

More specifically, the company agreed to terminate the current charter of M/V Rena P.

The charter was set to expire in February 2025, earning a rate of $20,250 per day until April 2024, and then a rate based on the CONTEX index with a floor of $13,000 and a ceiling of $21,000 per day.

READ: Euroseas trebles profits in Q3

Concurrent with the termination, Eurosea entered into a time charter contract with the charterer for a minimum of 20 to a maximum of 24 months at a gross daily cost of $21,000.

Eurosea said that the new contract will begin in August 2023, when the existing charter expires.

Similarly, the business opted to end the current charter of M/V Emmanuel P, which was set to expire in March 2025 at a daily cost of $19,000.

READ: Euroseas, CSL in charter repudiation legal struggle

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce we have
reached a mutual agreement with our existing charterer to terminate the charters of our two intermediate
containerships built in 2007 and 2005 respectively, while having successfully replaced these charters at
$21,000 per day, following the agreed termination of their current charters in August 2023.

“These charters are expected to contribute between $2-4 million in extra revenues for the same period.”

In April 2023, Euroseas announced it took delivery of M/V GREGOS, an Eco 2,800 TEU feeder containership from Hyundai Mipo Dockyard Co., South Korea.

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