Euroseas Ltd., a container ship owner and operator, has announced a new time charter contract for its M/V Rena P, an intermediate containership with a capacity of 4,250 TEU, reports Euroseas.
Charter Market Strength
Euroseas has completed the spin-off of its older vessels, M/V Aegean Express and M/V Joanna, and the proceeds from the sale of M/V Diamantis P, into a separate company called EuroHoldings Ltd. (NASDAQ: EHLD), which began operating independently on March 18, 2025.
Euroseas also announced a new time charter contract for their containership, M/V Rena P, with a major charterer. The contract is for 35-37 months at a rate of $35,500 per day.
According to Aristides Pittas, Euroseas’ Chairman and CEO, this contract demonstrates the strength of the charter market, influenced by geopolitical uncertainties, limited vessel availability, and sustained demand from major shipping lines.
The charter is expected to generate approximately $29.0 million in EBITDA over the minimum contracted period. This new charter increases Euroseas’ charter coverage to about 88% for 2025 and about 54% for 2026.
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Source: Euroseas
