ESEA - Euroseas Ltd. Announces Time Charter Contract for its third Fuel Efficient 1800 teu Feeder Containership Newbuilding M/V Pepi Star | Benzinga
ATHENS, Greece, June 18, 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 Pepi Star, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $24,250. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on or about July 19, 2024. The acquisition was financed with a combination of debt and equity.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have chartered our upcoming newbuilding vessel, the seventh in a series of nine and last of our three 1,800 teu units, with a top-tier liner company, at a profitable rate level of $24,250/day for a period of two years. This rate represents a 10% increase compared to our fixture of its sister vessel, M/V Stephania K, at $22,000 just a week ago, a clear indication of the continuously strengthening rates of the containership charter market during the last months. The present charter is expected to contribute about $12.3 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 91%."
Fleet Profile:
The Euroseas Ltd. fleet profile after the charter of M/V Pepi Star is as follows:
| Name |
| Type |
| Dwt |
| TEU |
| Year Built |
| Employment |
| TCE Rate ($/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 Dec-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 |
| TC until Apr-25 |
| $21,000 |