- Euroseas announced a time charter contract for their new 1,800 TEU feeder containership, M/V Pepi Star.
- The charter will be for a minimum of 23 months to a maximum of 25 months at a rate of $24,250 per day.
- The vessel is expected to be delivered in July 2024.
- This rate is 10% higher than their recent fixture for a sister vessel.
- Euroseas considers this a positive sign for the containership charter market.
Euroseas Ltd., a container vessel operator, announced securing a time charter contract for its new ship, M/V Pepi Star.The 1,800 TEU feeder vessel, currently under construction, is the last of three similar units Euroseas commissioned.
Details
- Charter period: Minimum 23 months, maximum 25 months (option for charterer)
- Daily rate: $24,250
- Commencement: Upon vessel delivery from shipyard (estimated July 19, 2024)
- Counterparty: Top-tier liner company
Financial Highlights
- This charter secures an estimated $12.3 million in EBITDA (earnings before interest, taxes, depreciation, and amortization) for the minimum term.
- The rate reflects a 10% increase compared to a recent charter for a sister vessel, indicating a strengthening containership charter market.
- This fixture increases Euroseas’ 2024 charter coverage to 91%.
The press release also details Euroseas’ current fleet profile, including existing vessels and those under construction.
Did you Subscribe to our daily newsletter?
Its free! Click here to Subscribe
Source: Euroseas
