Euroseas scores extensions for feeder boxship duo - Splash247

Nasdaq-listed Greek boxship owner Euroseas has won new time charter contracts for two of its feeder containerships.

The company said that the two extensions were awarded to the 2001-built, 2,556 teu feeder containerships EM Corfu and Evridiki G.

The EM Corfu has been fixed for a minimum period of 18 months and a maximum period of 20 months at a gross daily rate of $28,000 per day while the Evridiki G has been fixed for a minimum period of 14 months and a maximum period of 16 months at a gross daily rate of $29,500 per day.

Both vessels will begin their new charters upon the completion of their current ones, expected around mid-February 2025 for the first vessel and early February 2025 for the second one.

Over the minimum contract period, the two vessels will contribute about $20m of EBITDA and increase the company’s 2025 charter coverage to over 70% and its charter coverage for 2026 to about 35%.

“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. The specific charters extend to the time of the fifth special survey of the vessels on their 25th birthday, at which time we will assess their economic prospects in connection to the cost of completing their fifth special survey and drydock,” said Aristides Pittas, chairman and CEO of Euroseas.