Euroseas has re-fixed two boxships for better-than-expected rates in recovering markets.
The Athens-based, Nasdaq-listed owner said the charter extensions were agreed for the 3,100-teu EM Kea (built 2007) and 1,740-teu EM Hydra (built 2005).
The EM Kea was booked for a further three years at $19,000 per day, starting in June.
It was previously fixed during the container ship boom of 2021 at $22,000, up from an earlier deal of $8,100.
The EM Hydra has secured a contract for between 12 and 15 months at $15,000 per day, down from the $20,000 level booked in 2021.
The new deal begins in May.
The charterer of the two ships has not been named, but brokers say it is France’s CMA CGM.
Euroseas CEO Aristides Pittas said the deals reflect the recent strengthening of the feeder container ship markets.
The charters bring the company’s vessel coverage over the next 12 months to between 85% and 95%, he added.
“It is noteworthy that the recent strengthening of the market for some segments has been in the range of 15% to 20% from the market turning point observed about three months ago,” he said.
“Especially for our EM Kea, the three-year charter we concluded at $19,000 per day is higher than our previously expected level for the vessel.”
The two ships will contribute more than $24m of revenue over the new periods, with Ebitda said to be in excess of $13m.
Earlier in April, Euroseas fixed a traditional panamax container ship for two years in a deal that reflected the lingering strength of that charter market.
The 4,252-teu Synergy Keelung (built 2009) was chartered out for 24 to 26 months at $23,000 daily.
Most deals done in the sector up to that point were for 12-month periods at rates in the region of $21,000 per day, suggesting a dearth of available prompt vessels.
