Euroseas (ESEA) Announces Forward Charters For Two Fuel Efficient 2,800 teu Feeder Containerships currently under construction
Tweet
Share
E-mailGet Alerts ESEA Hot Sheet
Join SI Premium – FREE
Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new charter for two newbuilding fuel efficient 2,800 teu feeder containerships currently under construction. Specifically:
- M/V GREGOS (H4201), a modern eco-design 2,800 teu scheduled to be delivered at the end of the first quarter of 2023, entered into a time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a gross daily rate of $48,000. The new charter will commence in March 2023, once delivered.
- M/V TERATAKI (H4202), a modern eco-design 2,800 teu scheduled to be delivered at the end of the second quarter of 2023, entered into a time charter contract for a period of between a minimum of thirty-six and a maximum of forty months at the option of the charterer, at a gross daily rate of $48,000. The new charter will commence in June 2023, once delivered.
Aristides Pittas, Chairman and CEO of Euroseas commented:"We are very pleased to announce three-year charters for the first two of our fuel efficient 2,800 teu feeder containerships under construction, M/V GREGOS and M/V TERATAKI, at a gross daily rate of $48,000 each. The new charters will commence upon delivery of the vessels in March 2023 and June 2023, respectively. Over the period of the charters, the two vessels are expected to contribute in excess of $85m of EBITDA fully repaying our cost to build them in just about 3 years. After these charters, our charter coverage for 2023 increases to about 76% and for 2024 to almost 55%.”
Fleet Profile:
After the new charter arrangements of M/V “TERATAKI” and M/V “GREGOS”, the Euroseas Ltd. fleet and employment profile will be as follows:
| Name | Type | Dwt | TEU | Year Built | Employment(*) | TCE Rate ($/day) | ||
| Container Carriers | ||||||||
| MARCOS V | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 | ||
| plus 12 months option | option $15,000 | |||||||
| AKINADA BRIDGE(+) | Intermediate | 71,366 | 5,610 | 2001 | TC until Nov-22 | $20,000 | ||
| 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 | ||
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 | ||
| SYNERGY KEELUNG(+) | Intermediate | 50,969 | 4,253 | 2009 | TC until Jun-22 | $11,750 | ||
| then until Feb-23 | $14,500 | |||||||
| EMMANUEL P (ex-SEASPAN MELBOURNE) (*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Mar-25 | $19,000 | ||
| RENA P (ex-SEASPAN MANILA)(*) | Intermediate | 50,796 | 4,250 | 2007 | TC until April-24 | $20,250 then | ||
| Then until Feb 25 | CONTEX(**) with $13,000 floor and $21,000 ceiling | |||||||
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-23 | $22,000 | ||
| EM ASTORIA(*) | Feeder | 35,600 | 2,788 | 2004 | TC until Feb-23 | $65,000 | ||
| then until Feb-24 | $50,000 | |||||||
| then until Feb-25 | $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-23 | $20,000 | ||
| JOANNA(+) | Feeder | 22,301 | 1,732 | 1999 | TC until Jan-23 | $16,800 | ||
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Apr-25 | $41,000 | ||
| Total Container Carriers | 18 | 737,404 | 58,871 | |||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment(*) | TCE Rate ($/day) | |
| GREGOS (*) | Feeder | 37,237 | 2,800 | Q1 2023 | TC until Mar-26 | $48,000 | |
| TERATAKI (*) | Feeder | 37,237 | 2,800 | Q2 2023 | TC until June-26 | $48,000 | |
| TENDER SOUL | Feeder | 37,237 | 2,800 | Q4 2023 | |||
| 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 | 9 | 290,208 | 22,200 | ||||
| Notes: | |
| (*)(+) | TC denotes time charter. Charter duration indicates the earliest redelivery date unless the contract rate is lower than the current market rate in which cases the latest redelivery date is shown and marked by (+). |
| (**) | CONTEX stands for the Container Ship Time Charter Assessment Index. |
| (***) | Rate is net of commissions (commissions are typically 5-6.25%) |
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- JPMorgan is worried about further S&P 500 sell-off potential
- Ault Alliance's (AULT) Sentinum Signs First Non-Mining Related Colocation/Hosting Agreement
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
