Euroseas, an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new charter of its container vessel M/V “Aegean Express”.

Specifically:

• M/V “Aegean Express”, a 1,439 TEU vessel built in 1997, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-nine months at the option of the charterer, at a gross daily rate of $41,000. The new charter will commence in early April 2022, in direct continuation of the present charter of the vessel.

Aristides Pittas, Chairman and CEO of Euroseas commented:

“We are very pleased to announce a three-year charter contract for our vessel M/V Aegean Express, the oldest and smallest in our fleet, at a charter rate of $41,000 per day. This contract increases our charter coverage for 2022 to about 96% and our charter coverage for 2023 and 2024 to about 67% and 45%, respectively. The daily rate of this charter is near the highest rate levels achieved by any vessel in our fleet for a three-year contract and highlights the strength of the containership markets. Over the period of this charter, M/V Aegean Express is expected to contribute in excess of $32m of EBITDA.”