Euroseas Ltd. has announced a new time charter contract for one of its 1,740 TEU feeder container ships, reports Euroseas.
New Charter
Euroseas Ltd., a container carrier vessel owner and operator, announced a new time charter contract for its 1,740 TEU feeder containership, M/V EM Hydra. The contract, with a top-tier charterer, has a minimum duration of 24 months and a maximum duration of 26 months, at the charterer’s option.
The daily charter rate is set at $19,000, with the new charter period expected to commence on May 1, 2025. Aristides Pittas, Chairman and CEO of Euroseas, expressed satisfaction with the contract extension, highlighting the continued resilience of the feeder containership market despite potential changes in trading routes due to the reopening of Red Sea routes.
Pittas noted that limited vessel availability continues to support strong charter periods and rates. This charter is expected to contribute approximately $7.3 million of EBITDA over the minimum contracted period.
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Source: Euroseas
