- Euroseas currently owns a fleet of 14 box ships.
- Euroseas announced a new charter for one of its box ships and an extension on another
- Markets had a remarkable run over the last six months.
Euroseas announced a new charter for one of its box ships and an extension on another, says a press release published on their website.
About the new charter
2007-built 3,091 teu EM Kea has been extended by the current charterer for a period of between 25 and 28 months at a daily rate of $22,000. The new rate will commence on April 25, about two months earlier than the expiration of the present charter.
Meanwhile, 2009-built 4,253 teu Synergy Busan has entered into a new time charter contract for between 36 and 40 months at a daily rate of $25,000. The vessel is expected to commence the charter between June 9 and August 9.
To improve profit and cash flow
Aristides Pittas, chairman and CEO of Euroseas, commented: “We are very pleased to announce new charters for two of our vessels for periods of at least two and three years, respectively, at rates more than twice the levels of their existing employment.
Contracted revenues and EBITDA
The new charters secure a minimum of $40m of contracted revenues and make an annualized EBITDA contribution of approximately $11.5m which is about $9.0m higher than, or 4.5 times, their present contribution of about $2.5m, significantly improving our profitability and cash flow visibility.
Euroseas currently owns a fleet of 14 box ships.
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Source: Euroseas
