Euroseas Secures New Charter for EM Corfu and Sells Sister Vessel Evridiki G
Cubierto por 3 fuentesPublicado
- Globe NewswireEuroseas Ltd. Announces a New Time Charter Contract for its 2001-built 2,556 teu Feeder Containership, M/V EM Corfu, and the Sale of its Sister Vessel, M/V Evridiki G
- Hellenics Shipping newsEuroseas Ltd. Announces a New Time Charter Contract for its 2001-built 2,556 teu Feeder Containership, M/V EM Corfu, and the Sale of its Sister Vessel, M/V Evridiki G
- splash 247Euroseas seals bumper charter and $26m boxship sale
Greek shipping company Euroseas Ltd., which trades on Nasdaq under the ticker ESEA, announced a new time charter agreement for its feeder container ship M/V EM Corfu, built in 2001 with a capacity of 2,556 TEU, and at the same time reported the sale of its sister vessel M/V Evridiki G, also of 2,556 TEU and built the same year.
The EM Corfu Charter
The new charter for the EM Corfu will have a minimum duration of 12 months and a maximum of 14, at the charterer's option, with a gross daily rate of $62,500. The charter will commence in mid-December 2026, once the vessel's scheduled drydocking is completed, and represents more than double the previous rate of $28,000 per day that the same vessel had secured since November 2024.
Sale of the Evridiki G
Euroseas also agreed to sell the Evridiki G to a third party unaffiliated with the company for approximately $26 million. Delivery of the vessel to its new owners is expected by late October, once its current charter concludes, which according to Splash 247 had secured a rate of $29,500 per day since November 2024.
Financial Impact
Euroseas Chairman and CEO Aristides Pittas noted that the EM Corfu charter will generate approximately $17.8 million in EBITDA during the minimum contracted period and raises the fleet's charter coverage for 2026, 2027 and 2028 to around 100%, 91% and 49%, respectively. Regarding the sale of the Evridiki G, Pittas described it as a very attractive price for a vessel of that age and anticipated a book gain of about $22.5 million, equivalent to roughly $3.19 per share.
Resulting Fleet
Following the sale of the Evridiki G, Euroseas will be left with a fleet of 20 container ships, 14 feeders and 6 intermediate vessels, with a total capacity of around 58,588 TEU according to Globe Newswire and Hellenic Shipping News, or approximately 58,600 TEU according to Splash 247. The company also has 12 vessels under construction in China, ranging from 1,800 to 4,484 TEU, with deliveries expected between 2027 and 2029, which would bring the fleet to 32 units with a total capacity of 94,840 TEU.
