Nasdaq-listed Greek boxship owner Euroseas has fixed a time charter contract for a feeder boxship. It also agreed to sell one such vessel to an undisclosed buyer.
The charter was signed for the 1,740 teu feeder EM Hydra for a minimum period of ten to a maximum period of twelve months at the option of the charterer.
This will be in direct continuation of its existing charter. The vessel will be hired at a gross daily rate of $13,000. It will contribute about $1.5m of EBITDA over the minimum contracted period increasing our Euroseas’ 2024 charter coverage to almost 85%.
The company also signed a memorandum of agreement to sell the 2,788 teu feeder containership EM Astoria. The 2004-built vessel will be sold for approximately $10m. The sale was agreed following a mutual termination of its charter about eight months early.
The Greek firm expects to book a gain on the sale of more than $5.5m and will save the cost of the upcoming special survey of the vessel. The feeder will be delivered to its new owners, described as an unaffiliated third party, by the end of June 2024.
