Euroseas announced Time Charter Contract for its Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Stephania K

June 11, 2024

Euroseas announced it has entered into a time charter contract for M/V Stephania K, a
newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $22,000. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on June 28, 2024.

The acquisition was financed with a combination of own funds and a US$22.5 million loan provided by the National Bank of Fujairah. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the sixth in a series of nine and second of our three 1,800 teu
units, with one of the largest liner companies, at a profitable rate level of $22,000/day for a period of two years.

This charter represents a significant improvement compared to recent fixtures, both in terms of rate and duration, as evidenced by our own fixture for its sister vessel, M/V Monica, at $16,000 for 12 months only a month ago. The present charter is expected to contribute about $11.0 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 90%.”

Related News.

Subscribe to our newsletter!

if you dont want to swim alone in the ocean of news, sign up for the newsletter, and you will receive daily all the important news of world shipping!

* indicates required
Consent *
By submitting this form you agree to receive Email Marketing

Design & Development by P.KAN.DESIGNER

Design & Development by P.KAN.DESIGNER

Privacy Preference Center