Euroseas charters M/V EM Corfu and sells sister vessel for $26M

Euroseas Ltd. (NASDAQ: ESEA) has secured a new time charter for its 2,556-teu feeder containership M/V EM Corfu and agreed to sell its sister vessel M/V Evridiki G for approximately $26 million, according to a company statement.

The time charter for M/V EM Corfu, a vessel built in 2001, runs for a minimum of 12 months and a maximum of 14 months at the charterer's option, at a gross daily rate of $62,500. The charter is expected to begin in mid-December 2026, following the vessel's scheduled dry-dock.

Aristides Pittas, Chairman and CEO of Euroseas, said the charter is expected to generate approximately $17.8 million of EBITDA over the minimum contracted period and increases the company's charter coverage for 2026, 2027, and 2028 to approximately 100%, 91%, and 49%, respectively.

M/V Evridiki G, also a 2,556-teu vessel built in 2001, is to be delivered to an unaffiliated third-party buyer at the end of October, upon completion of its current charter. Pittas said the company expects to record a gain on sale of approximately $22.5 million, or about $3.19 per share.

Following the sale of M/V Evridiki G, Euroseas will operate a fleet of 20 vessels, comprising 14 feeder containerships and six intermediate containerships, with a total cargo capacity of 58,588 teu. The company also has 12 newbuildings on order scheduled for delivery between 2027 and 2029, which would bring the total fleet to 32 vessels with a carrying capacity of 94,840 teu.

You May Also Be Interested In

• Coca-Cola picks Omnicom for North America, keeps WPP globally
• Rambus invests in ChipAgents, adopts its AI chip design platform
• PreveCeutical closes first tranche of private placement at $0.03 per unit