Euroseas expands 2024 coverage with new charter
Euroseas has signed a new time charter contract for its 1,732 teu feeder containership, “M/V Jonathan P”, for a period of eleven to thirteen months at a daily gross rate of USD 20,000. The charter will commence following the vessel's scheduled intermediate survey, expected to be completed by mid-to-late October 2024.
Aristides Pittas, chairman and CEO of Euroseas, said that the fixture demonstrates the ongoing demand for feeder ships, despite declining container freight rates. The charter is projected to generate approximately USD 4 million in ebitda for the minimum contracted period and will increase Euroseas’ remaining 2024 charter coverage to about 96%, with coverage for 2025 rising to 52%.
The “M/V Jonathan P” is one of 23 vessels in Euroseas' fleet, which includes 16 feeder and seven intermediate containerships. After the delivery of two new vessels in 2025, the company’s fleet will grow to 25 ships with a total capacity of 72,673 teu. (pb)