Euroseas announces EM Spetses 18-month charter contract at rate of $18,100/day

Euroseas announced a new time charter contract for its 1,740 feeder containership, EM Spetses, for a minimum period of 18 to a maximum period of 20 months at the option of the charterer, at a gross daily rate of $18,100. The charter for EM Spetses will commence in early August 2024, upon the completion of its current charter. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce that we have chartered our EM Spetses for 18 months with a top-class charterer, at a profitable rate of $18,100/day. Despite the usual summer slowdown, this fixture is a testament to the firmness of the market, with underlying demand/market fundamentals remaining quite strong. This charter is expected to contribute about 5.5 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to 94%; it also increases our charter coverage for 2025 to about 44%.”