Euroseas, a Greek owner and operator of container vessels, has announced new time charter agreements for its 2001-built feeder container ships, EM Corfu and Evridiki G, set to begin upon completion of their current charters in early 2025.
EM Corfu will be chartered for a term of 18 to 20 months at a daily gross rate of US$28,000, at the discretion of the charterer. In addition, Evridiki G will be chartered for a period of 14 to 16 months at a daily gross rate of US$29,500, also at the charterer’s option.
“We are pleased to announce that our vessels, EM Corfu and Evridiki G, have extended their charter contracts with a top-class charterer for 18-20 months and 14-16 months respectively, at highly profitable rates of US$28,000/day/vessel and US$29,500/day/vessel, respectively. The rates of these fixtures indicate the continuing need that liner companies have to secure feeder vessels which are likely to be in short supply given the segment’s orderbook and age profile,” commented Aristides Pittas, Chairman and CEO of Euroseas.
These contracts will take effect in February 2025, with EM Corfu beginning mid-month and Evridiki G at the start of the month.
“The specific charters extend to the time of the fifth special survey of the vessels on their 25th birthday, at which time we will assess their economic prospects in connection to the cost of completing their fifth special survey and drydock. Over the minimum contract period, these two vessels are expected to contribute about $20 million of EBITDA, increasing our 2025 charter coverage to over 70% and our charter coverage for 2026 to about 35%,” added Pittas.
