Euroseas has secured more profitable work for two elderly container ships.
The Athens-based, Nasdaq-listed company said a “top-class charterer”, believed to be Maersk Line in the US, will keep on the 2,556-teu EM Corfu and Evridiki G (both built 2001) in direct continuation of their expiring three-year deals.
The EM Corfu has been fixed for at least 18 months, and up to 20 months, at $28,000 per day.
The Evridiki G has been booked for between 14 and 16 months at $29,500 per day.
The new terms begin in February.
Both feeder units were fixed on $40,000-per-day charters with Maersk in record markets in 2022.
Euroseas chief executive Aristides Pittas said the rates were still “highly profitable”.
“The rates of these fixtures indicate the continuing need that liner companies have to secure feeder vessels, which are likely to be in short supply given the segment’s orderbook and age profile,” he said.
The terms extend to the fifth special survey of the ships on their 25th birthdays.
“At which time we will assess their economic prospects in connection to the cost of completing their fifth special survey and dry-dock,” Pittas said.
Euroseas said that over the minimum contract periods, these two vessels are expected to contribute about $20m of Ebitda.
They will also increase the owner’s 2025 charter coverage to more than 70% and charter coverage for 2026 to about 35%.
