Euroseas Ltd. Secures Long-Term Charter for M/V Synergy Busan
Euroseas Ltd. Secures Long-Term Charter for M/V Synergy Busan
ATHENS, Greece — Euroseas Ltd. (NASDAQ: ESEA), a company specialized in operating container carrier vessels, has made an exciting announcement regarding its intermediate containership, the M/V Synergy Busan. The company has entered into a time charter agreement that spans a minimum of 36 months and a maximum of 38 months, contingent on the charterer's options, beginning in early December of the upcoming year. Set at a gross daily rate of approximately $35,500, this contract marks a robust development for Euroseas Ltd.
CEO's Insights on the Charter
Aristides Pittas, Chairman and CEO of Euroseas Ltd., expressed his enthusiasm about this contract extension during his remarks. He highlighted that entering into a long-term agreement with a well-established charterer reflects a significant increase in charter rates compared to previous levels. This uptick not only showcases the improving dynamics within the market but also reinforces that their decision to retrofit M/V Synergy Busan with energy-efficient technologies is recognized as beneficial by the market. This charter contract is expected to deliver over $29 million in EBITDA during its minimum contracted duration and will improve Euroseas' charter coverage significantly for the remainder of 2024 and into 2025, raising it to 95% for 2024 and around 50% for 2025.
Current Fleet Overview
Euroseas Ltd. boasts a diverse and robust fleet, featuring a total of 23 vessels that include 16 Feeder containerships and 7 Intermediate containerships. With a total cargo capacity of 67,073 TEU, the company is poised for significant growth. Upon the delivery of its forthcoming feeder containerships in 2025, the fleet size will expand to 25 vessels, allowing for an escalated carrying capacity of 72,673 TEU. This expansion emphasizes Euroseas' commitment to enhancing its operational capabilities and strengthening its market position.
About Euroseas Ltd.
Established on May 5, 2005, under the laws of the Republic of the Marshall Islands, Euroseas Ltd. is rooted in a rich history of maritime trade, stemming from the involvement of the Pittas family in shipping for over 150 years. The firm operates mainly in the container shipping sector, with its vessels managed by Eurobulk Ltd., a certified ship management company dedicated to providing comprehensive commercial and technical oversight.
Charting the Future: Growth Strategy and Fleet Development
As Euroseas Ltd. charts its future, acquiring additional vessels and entering more time charters are central to its growth strategy. With a favorable outlook for the container shipping market, the company aims to further refresh its fleet and invest in modern technologies to remain competitive. By focusing on operational excellence and sustainability, Euroseas positions itself for enduring success in the global maritime industry.
Frequently Asked Questions
What type of vessel is the M/V Synergy Busan?
The M/V Synergy Busan is classified as an intermediate containership, designed to carry various containerized cargo efficiently.
How long is the new charter for the M/V Synergy Busan?
The new charter contract for the M/V Synergy Busan ranges from a minimum of 36 months to a maximum of 38 months, depending on the charterer's options.
What is the gross daily rate of the new charter?
The gross daily rate for the new charter is set at approximately $35,500, representing a strong agreement for Euroseas Ltd.
What impact will this contract have on Euroseas Ltd.'s revenue?
This contract is expected to generate an EBITDA of over $29 million for the minimum term, positively affecting Euroseas' overall revenue and profitability.
How does Euroseas Ltd. manage its fleet?
Euroseas Ltd. manages its fleet through Eurobulk Ltd., which offers both commercial and technical management, ensuring efficient operation and maintenance of the vessels.
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