ESEA - Euroseas Ltd. Announces Time Charter Contract for its Fuel-Efficient 2800 teu Feeder Containership M/V Tender Soul to be delivered in February 2024 | Benzinga
ATHENS, Greece, Jan. 11, 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 it has entered into a time charter contract for M/V TENDER SOUL, a newbuilding fuel-efficient 2,800 teu feeder containership currently under construction, for a minimum period of eight to a maximum period of ten months at the option of the charterer, at a gross daily rate of $17,000. The new charter will commence within February 2024, upon delivery of the vessel from the shipyard.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce that we have chartered our upcoming newbuilding vessel, the third in a series of nine, with one of the largest liner companies, at a profitable rate level in a period when new vessel deliveries are at a historical high and, as a result, containership rates are under pressure. This charter is expected to contribute about $2.4 million of EBITDA for the minimum contracted period; it boosts our 2024 charter coverage to about 70%.
"We continue working in chartering out the remaining of our newbuildings and completing their debt financing arrangements. Our strong cash position and contracted cash flow provide us with comfort and flexibility in not only funding the equity portion of our newbuilding program but also continuing to return funds to our shareholders via dividends and share buybacks."
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
| Name |
| Type |
| Dwt |
| TEU |
| Year Built |
| Employment(*) |
TCE Rate ($/day) |
Container Carriers |
| MARCOS V(*) |
| Intermediate |
| 72,968 |
| 6,350 |
| 2005 |
| TC until Dec-24 TC until Aug-25 |
| $42,200 $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 Feb-24 |
| $18,250 |
| 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 |
| TC until Apr-25 |
| $21,000 |
| EM KEA(*) |
| Feeder |