Euroseas Ltd. Announces new charters for its two 4,250 teu containerships, 2007-built Rena P and 2005-built Emmanuel P at $21,000 per vessel per day f
Euroseas Ltd. Announces new charters for its two 4,250 teu containerships, 2007-built Rena P and 2005-built Emmanuel P at $21,000 per vessel per day following a mutually agreed termination of the existing charters.
Maroussi, Athens, Greece – Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a mutual agreement to terminate the current charters for its container vessels M/V Rena P and M/V Emmanuel P, while concurrently fixing the vessels on new charters for $21,000 per vessel per day.
Specifically:
- The Company agreed to terminate the current charter of M/V Rena P, a 4,250 TEU vessel built in 2007; which was originally expiring in February 2025 earning a rate of $20,250/day until April 2024 and, subsequently, a rate based on the CONTEX index with a floor of $13,000 and a ceiling of $21,000 per day. Contemporaneously with the termination, the Company has entered into a time charter contract for a minimum period of twenty to a maximum period of twenty-four months at the option of the charterer, at a gross daily rate of $21,000. The new charter will commence in August 2023, following the termination of its current charter.
- Similarly, the Company agreed to terminate the current charter of M/V Emmanuel P, a 4,250 TEU vessel built in 2005, which was originally expiring in March 2025 at a rate of $19,000/day. Contemporaneously with the termination, the Company has entered into a new time charter contract for a minimum period of twenty to a maximum period of twenty-four months at the option of the charterer, at a gross daily rate of $21,000. The new charter will commence in August 2023, following the termination of its current charter.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce we have reached a mutual agreement with our existing charterer to terminate the charters of our two intermediate containerships built in 2007 and 2005 respectively, while having successfully replaced these charters at $21,000 per day, following the agreed termination of their current charters in August 2023. These charters are expected to contribute between $2-4 million in extra revenues for the same period.
By maintaining a very healthy employment coverage of about 95% for the remainder of 2023 and approximately 66% for 2024 at very high levels, we can safely continue paying our quarterly dividend, continue implementing our buyback program and still have significant funds to invest in other opportunities that will arise.”
Fleet Profile:
After the new charter arrangements of M/V EM Hydra and M/V EM Kea, the Euroseas Ltd. fleet and employment profile will be as follows:
|
Name |
Type |
Dwt |
TEU |
Year Built |
Employment(*) |
TCE Rate ($/day) |
|
Container Carriers |
|
|
|
|
|
|
|
MARCOS V |
Intermediate |
72,968 |
6,350 |
2005 |
TC until Dec-24 plus 12 months option |
$42,200 |
|
option $15,000 |
||||||
|
SYNERGY KEELUNG(*) |
Intermediate |
50,969 |
4,253 |
2009 |
TC until Apr-25 |
$23,000 |
|
SYNERGY OAKLAND(*) |
Intermediate |
50,787 |
4,253 |
2009 |
TC until May-26 |
$42,000 |
|
SYNERGY BUSAN(*) |
Intermediate |
50,726 |
4,253 |
2009 |
TC until Aug-24 |
$25,000 |
|
SYNERGY ANTWERP(+) |
Intermediate |
50,726 |
4,253 |
2008 |
TC until Dec-23 |
$18,000 |
|
RENA P (*) |
Intermediate |
50,796 |
4,250 |
2007 |
TC until Aug-23 TC until April-25 |
$20,250 |
|
$21,000 |
||||||
|
EMMANUEL P (*) |
Intermediate |
50,796 |
4,250 |
2005 |
TC until Aug-23 TC until April-25 |
$19,000 $21,000 |
|
EM KEA(*) |
Feeder |
42,165 |
3,100 |
2007 |
TC until May-26 |
$19,000 |
|
GREGOS (*) |
Feeder |
37,237 |
2,800 |
2023 |
TC until Apr-26 |
$48,000 |
|
TERATAKI (*) |
Feeder |
37,237 |
2,800 |
2023 |
TC until Jul-26 |
$48,000 |
|
EM ASTORIA(*) |
Feeder |
35,600 |
2,788 |
2004 |
TC until Feb-24 then until Feb-25 |
$50,000 $20,000 |
|
EVRIDIKI G(*) |
Feeder |
34,677 |
2,556 |
2001 |
TC until Feb-25 |
$40,000 |
|
EM CORFU(*) |
Feeder |
34,654 |
2,556 |
2001 |
TC until Feb-25 |
$40,000 |
|
DIAMANTIS P(*) |
Feeder |
30,360 |
2,008 |
1998 |
TC until Oct-24 |
$27,000 |
|
EM SPETSES(*) |
Feeder |
23,224 |
1,740 |
2007 |
TC until Aug-24 |
$29,500 |
|
JONATHAN P (*) |
Feeder |
23,357 |
1,740 |
2006 |
TC until Sep-24 |
$26,662(***) |
|
EM HYDRA(*) |
Feeder |
23,351 |
1,740 |
2005 |
TC until April-24 |
$15,000 |
|
JOANNA(*) |
Feeder |
22,301 |
1,732 |
1999 |
TC until May-23 TC until Jan-2024 |
$14,500 $13,900 |
|
AEGEAN EXPRESS(*) |
Feeder |
18,581 |
1,439 |
1997 |
TC until Aug-23 |
$13,000 |
|
Total Container Carriers |
19 |
740,512 |
58,861 |
|
|
|
|
Vessels under construction |
Type |
Dwt |
TEU |
To be delivered |
Employment(*) |
TCE Rate ($/day) |
|
TENDER SOUL |
Feeder |
37,237 |
2,800 |
Q1 2024 |
|
|
|
LEONIDAS Z |
Feeder |
37,237 |
2,800 |
Q1 2024 |
|
|
|
MONICA |
Feeder |
22,262 |
1,800 |
Q1 2024 |
|
|
|
STEPHANIA K |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
|
PEPI STAR |
Feeder |
22,262 |
1,800 |
Q2 2024 |
|
|
|
DEAR PANEL |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
|
SYMEON P |
Feeder |
37,237 |
2,800 |
Q4 2024 |
|
|
|
Total under construction |
7 |
215,734 |
16,600 |
|
|
|