Greek tonnage provider Euroseas has fixed a traditional panamax container ship for two years in a deal that reflects the lingering strength of the charter market.
The 4,252-teu Synergy Keelung (built 2009) has been chartered out for 24 to 26 months at $23,000 per day, the New York-listed company said.
That is a strong rate and an unusually long-period for a boxship of this size.
Most deals done in the sector so far this year have been for 12-month periods at rates in the region of $21,000 per day.
So the strong Euroseas fixture is seen as a reflection of the dearth of available prompt vessels in this segment.
Only one vessel of between 4,000-to-5,300-teu was in a spot position in April and just two ships are coming up for charter in May, according to Alphaliner.
“We believe that both the rate and, especially, the duration of the charter are indicative of the resilience of the containership market which has firmed up after the adjustment that took place over the last six months,” said Euroseas chairman and CEO Aristides Pittas.
The Synergy Keelung is currently on charter with AP Moller-Maersk until April 2023. The vessel will subsequently commence operations with its unnamed charterer.
“The charter will generate around $10m of Ebitda over the next two years providing a higher contribution to our earnings per share than previously expected,” Pittas added.
Euroseas owns 17 feeder and intermediate container ships, including five traditional panamaxes.
The company also has nine feeder container ships under construction that will start delivering in March.
The first two, the 2,800-teu Gregos and Terataki (both built 2023), will join its fleet in April and June and scheduled to immediately commence three-year charter rates earning $48,000 per day.
