Euroseas Enters Into a Time Charter Contract For 2,800 TEU Feeder

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Euroseas Ltd. has entered a time charter contract for the M/V Leonidas Z, a newbuild fuel efficient 2,800 TEU feeder containership currently under construction.

Expected Delivery

According to Euroseas, the agreement is set for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $20,000.

The new charter will begin when the vessel is delivered from the shipyard, which is projected to occur around the end of April or early May 2024.

Capitalizing On Current Strength

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the fourth in a series of nine, with one of the largest liner companies, at a profitable rate level of $20,000/day, exploiting the recent strength of the market both in terms of charter level and charter duration.

“This charter is expected to contribute about $9 million of EBITDA for the minimum contracted period; it increases our 2024 charter coverage to about 74 percent.

“We are hopeful that we will be able to continue capitalizing on the current strength of the market for chartering our few vessels that come open within the next quarter including the three 1,800 TEU vessels that will be delivered during this period.”

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Source: PortTechnology

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