Greek vessel owner Euroseas signed a time charter contract for its 4,250 TEU container ship Synergy Busan, for a minimum period of 36 to a maximum period of 38 months at the option of the charterer.
Euroseas and the charterer, who has not been disclosed, agreed on a gross daily rate of US$35,500.
“This fixture, a strong increase compared to last-done, demonstrates that activity is starting to pick up again and charter market terms remain at very healthy and firm levels,” commented Aristides Pittas, Chairman and CEO of Euroseas.
The new charter will commence in early December 2024, in direct continuation of its existing charter.
Pittas said, “It seems to indicate that our investment decision to retrofit the vessel with energy saving devices (ESDs), installed during the ship’s drydock last year, is appreciated by the market and paying off. This charter is expected to contribute in excess of about US$29 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 95%; it also increases our charter coverage for 2025 to about 50%.”
