Euroseas has secured a new time charter at a rate highlighting the continued strength of the feeder containership market.
The shipping company, owned by Aristides Pittas, has agreed a daily charter rate of $62,500 for a 25-year-old vessel. The M/V EM Corfu, a 2,556-TEU feeder containership built in 2001, has been chartered for a minimum period of 12 months and a maximum of 14 months, at the charterer’s option.
The new charter is expected to commence in mid-December 2026, following the completion of the vessel’s scheduled dry-docking.
The agreement is also significant in terms of cash flow. According to the company, it is expected to generate approximately $17.8 million in EBITDA over the minimum 12-month charter period.
Meanwhile, Euroseas is proceeding with the sale of the M/V Evridiki G, a sister vessel of the EM Corfu, also a 2,556-TEU containership built in 2001.
The sale price has been agreed at approximately $26 million, with delivery to the new owners, who are unrelated to the company, expected at the end of October, following the completion of the vessel’s current charter.
Euroseas chairman and CEO Aristides Pittas described the new charter for the EM Corfu as particularly profitable, noting that it increases the company’s charter coverage to approximately 100% for 2026, 91% for 2027 and 49% for 2028.
Commenting on the sale of the Evridiki G, he said the $26 million price represented a “very attractive price for a vessel of this age”.
The company expects to record a gain of approximately $22.5 million from the sale, equivalent to around $3.19 per share.
Fleet of 20 vessels
Upon completion of the sale, Euroseas’ fleet will comprise 20 vessels, including 14 feeder and six intermediate containerships.
Following the delivery of four intermediate and eight feeder newbuildings between 2027 and 2029, the fleet is expected to expand to 32 vessels, with a total capacity of 94,840 TEUs.
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