ESEA - Euroseas to buy two container vessels for $37M

Euroseas (NASDAQ:ESEA) has agreed to buy two 4,250 teu container vessels for a combined price of $37M. The purchase will be initially funds with the company’s own funds. Euroseas will also assume the existing charter arrangements of the vessels. M/V Seaspan Manila and M/V Seaspan Melbourne are both intermediate size container vessels built in 2007 and 2005, respectively. M/V Seaspan Manila is expected to be delivered within July 2022. The vessel has a charter contract until Feb. 2025 at $20.25K/day until Apr. 2024 and, subsequently, based on the CONTEX index with a floor of $13K/day and a ceiling of $21K/day until the end of the charter period. M/V Seaspan Melbourne is expected to be delivered within June 2022 and has a charter contract until Mar. 2025 at a rate of $19K/day. Euroseas CEO commented, "These charters are expected to contribute in excess of about $20M of EBITDA, bringing the cost

For further details see:

Euroseas to buy two container vessels for $37M