Euroseas scraps old boxship, seals pair of charter extensions

Greek containership owner Euroseas has announced the sale of one of its vessels as well as a pair of charter extensions.

1990-built 1,169teu feedermax boxship Ninos has been sold for scrap for a price of around $2.36m. The vessel, which is scheduled to be delivered to the buyer before the end of the month, has a scrap value of $1.96m according to VesselsValue.

Euroseas also announced that 2001-built 5,000teu boxship Akinada Bridge has extended its time charter contract for 12-13 months, with an additional 10-12 month option. The daily rate is $17,250 for the firm period and $20,000 on the option.

An extension option was also declared on 2009-built 4,253 teu panamax boxship Synergy Oakland, extending the charter for another 8-12 months.

Aristides Pittas, chairman and CEO of Euroseas, commented: “The strength of the intermediate size containership market has provided us with an opportunity to extend the charter of our C/V Akinada Bridge at a rate that will significantly contribute to our cash flow for the following year. Its contribution will complement the contributions of our 15 intermediate and feeder vessels, a segment on which we are focusing our growth strategy and where we aspire to leverage our position as the only US public platform of smaller containerships to consolidate other vessels or fleets.

“We are cautiously optimistic about the prospects of the containership market across all segments as fleet growth over the next couple of years is expected to be low by recent trends. We are encouraged with the starting recovery of the charter market in late July 2020, but we still believe that the economic uncertainties remain high due to both the possibility of recurrence of the COVID-19 pandemic and the continuing trade tensions between the U.S. and China, which affect the containership market.”

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.
Back to top button