Euroseas boxship gets huge payrise

Nasdaq-listed Greek containership owner Euroseas has sealed a new time charter for 2005-built 1,740 teu boxship EM Hydra.

The vessel has been fixed for a period of 23-25 months, commencing later this month, at a rate of $20,000 per day. The vessel is about to come off a charter at just $7,000 per day.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are pleased to announce the new charter for our vessel, M/V EM Hydra, for a minimum period of 23 months at a rate about two and a half times the level of her current employment. This fixture follows less than a month after our fixture of M/V Joanna, a 1,732 teu vessel built in 1999, that was fixed for a minimum of 18 months at a gross daily rate of $16,800 indicating how strongly the market continues to rise. This new charter will secure a minimum of $13.8m of contracted revenues and makes an EBITDA contribution of approximately $9m.”

There has been no let-up in the booming boxship charter scene with records being broken regularly, not just in prices paid but also durations. The Clarksons Containership Charter Rate Index rose 3% last week to reach 156 points. There have been only eight months on record – across 2004-05 – in which the index has reached a higher level.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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