Nasdaq-listed Greek containership owner Euroseas has won a time charter contract for its 4,250 teu boxship Rena P.
The charter is for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross daily rate of $35,500, in direct continuation of its present charter.
According to a statement made by the company, the new charter period is expected to begin on August 21, 2025.
The charter is expected to generate around $29m in EBITDA over the minimum contracted period and increase the company’s charter coverage for 2025 to about 88%, and to around 54% for 2026.
The Aristides Pittas-led tonnage provider also stated that it completed the spin-off of three of its oldest vessels into a separate publicly listed company named EuroHoldings. As of March 18, 2025, the company will operate as an independent firm.
The company will have two vessels, the 1997-built Aegean Express and the 1999-built 1,732 teu Joanna, since the 1998-built 2,008 teu Diamantis P has been sold.
“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,” said Aristides Pittas, chairman and CEO of Euroseas.
