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 |