Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced charter extensions for its container vessels, M/V Kea and MV Hydra.
Specifically:
M/V EM Kea, a 3,100 TEU vessel built in 2007, entered into a time charter contract extension for a period of thirty-six months, at a gross daily rate of $19,000. The new charter will commence in June 2023 immediately following the completion of its current charter.
M/V EM Hydra, a 1,740 TEU vessel built in 2005, entered into a new time charter contract extension for a period of between a minimum of twelve and a maximum of fifteen months at the option of the charterer, at a gross daily rate of $15,000. The new charter will commence in May 2023 immediately following the completion of its current charter.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce these two new charters which reflect the recent strengthening of the feeder containership markets and bring our charter coverage over the next 12 months in the range of 85-90%. It is noteworthy that the recent strengthening of the market for some segments has been in the range of 15-20% from the market turning point observed about 3 months ago. Especially for our M/V Kea, the three-year charter we concluded at $19,000/day is higher than our previously expected level for the vessel. The two vessels combined secure in excess of $24m of net charter revenues and contribute in excess of $13m of EBITDA during the period of the charter extensions.”
