Euroseas seals forward fixtures for two newbuilds

Nasdaq-listed Greek boxship owner Euroseas has fixed two newbuilding 2,800 teu feeder vessels currently under construction at South Korea’s Hyundai Mipo Dockyard.

The vessels, to be named Gregos and Terataki, will enter into a time charter contract between 36 and 40 months at a daily rate of $48,000. The Gregos will commence its charter in March 2023, while the Terataki will be employed from June the same year.

“Over the period of the charters, the two vessels are expected to contribute in excess of $85m of EBITDA fully repaying our cost to build them in just about three years. After these charters, our charter coverage for 2023 increases to about 76% and for 2024 to almost 55%,” said Aristides Pittas, chairman and CEO of Euroseas

Earlier this week, Euroseas announced orders for two additional 2,800 teu ships, taking its orderbook to nine. On a fully-delivered basis, the company’s fleet will stand at 27 ships with a cargo capacity of about 81,071 teu.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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