ESEA - Euroseas Ltd. Announces One-Year Time Charter Contract and Completion of Retrofits for its Intermediate Containership M/V Synergy Antwerp | Benzinga
ATHENS, Greece, April 02, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA, the "Company" or "Euroseas")), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract for its 4,250 teu intermediate containership, M/V Synergy Antwerp, for a minimum period of 11.5 to a maximum period of 14 months at the option of the charterer, at a gross daily rate of $26,500. The charter commenced on April 2, 2024, after the vessel successfully completed its scheduled drydock and special survey, along with certain retrofits including the installation of a number of "energy saving devices". The latter are expected to improve her consumption in the commercial speed range by about 25%. On that basis, the vessel will emit about 9,800 metric tons of CO2 less per annum.
The following retrofits and "energy saving devices" were installed on the ship:
(a) New bulbous bow
(b) A new and lighter propeller
(c) Hub vortex absorbed fins (HVAF)
(d) Pre-shrouded vanes (PSV)
(e) Silicone coating of the ship's underwater parts
(f) LED lights
(g) Auto pilot upgrade with advanced ecology control
(h) Jacket pre-heater auto control
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce that M/V Synergy Antwerp was chartered for about a year to a top-tier charterer at a very profitable rate of $26,500/day, following the completion of its drydock and retrofits. The charter rate represents a strong increase compared to last done, indicating charterer's interest in more modern, energy efficient vessels; it is expected to contribute about $6.5 million of EBITDA over the minimum contracted period and increases our 2024 charter coverage to about 80%. This is the third vessel from our fleet undergoing retrofits as part of our ongoing efforts to modernize our fleet and reduce our carbon footprint."
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
| Name |
| Type |
| Dwt |
| TEU |
| Year Built |
| Employment |
| TCE Rate ($/day) |
| Container Carriers |
| MARCOS V(*) |
| Intermediate |
| 72,968 |
| 6,350 |
| 2005 |
| TC until Dec-24 |
| $42,200 |
| TC until Aug-25 |
| $15,000 |
| SYNERGY BUSAN(*) |
| Intermediate |
| 50,726 |
| 4,253 |
| 2009 |
| TC until Aug-24 |
| $25,000 |
| SYNERGY ANTWERP(*) |
| Intermediate |
| 50,726 |
| 4,253 |
| 2008 |
| TC until Mar-25 |
| $26,500(**) |
| SYNERGY OAKLAND(*) |
| Intermediate |
| 50,787 |
| 4,253 |
| 2009 |
| TC until May-26 |
| $42,000 |
| SYNERGY KEELUNG(*) |
| Intermediate |
| 50,969 |
| 4,253 |
| 2009 |
| TC until Apr-25 |
| $23,000 |
| EMMANUEL P(*) |
| Intermediate |
| 50,796 |
| 4,250 |
| 2005 |
| TC until Apr-25 |
| $21,000 |
| RENA P(*) |
| Intermediate |
| 50,796 |
| 4,250 |
| 2007 |