Greek container ship owner Euroseas has extended the time charter contract for its 4,250 TEU intermediate container ship, Rena P.
The agreement spans 35 to 37 months at the charterer’s discretion, with a gross daily rate of US$35,500, in direct continuation of its current charter. The new charter period is expected to commence on 21 August 2025.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “Geopolitical uncertainty around the Red Sea reopening and fluctuating tariffs, the limited availability of vessels, and the sustained demand for such tonnage by main liner operators are all contributing to keeping the charter market balanced, with owners continuing to secure very lucrative charters. This charter is expected to generate approximately US$29 million in EBITDA over the minimum contracted period and increase our charter coverage for 2025 to about 88%, and for 2026 to about 54%, respectively.”
Euroseas also announced that it has completed the spin-off of three of its subsidiaries containing its two older vessels, Aegean Express and Joanna, along with the proceeds from the earlier sale of the vessel Diamantis P, into EuroHoldings.
From 18 March, EuroHoldings operates as an independent company.
“We are 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,” said Pittas.
