Euroseas seals three new charter deals as Pittas converts loan to shares

Greek boxship owners Euroseas has announced two new charter deals and an extension, as well as the conversion of a loan to equity by an affiliate company of chairman and CEO Aristides Pittas.

EM Astoria, a 2004-built 2,778 teu boxship has had its current charter extended for a period of 12-14 months at a rate $18,650. The extension commences on December 15, and is a significant pay increase for the vessel which is currently on charter at just $8,500 per day.

2001-built 2,556 teu boxship Evridiki G has entered into a new time charter contract for a period of 12-13 months at a daily rate of $15,500. The charter commences on December 5, and the vessel is also getting a higher rate than its current charter which is $8,250 per day.

Lastly, 1997-built 1,429 teu Aegean Express has entered into a new time charter contract for 15-16 months at a daily rate of $11,500. The new charter will commence on December 27, with the vessel coming off charter at just $5,900 per day,

Euroseas also announced that Colby Trading, an affiliate of company of Pittas, has elected to convert $1.875m owed to the company by Euroseas into shares of common stock.

Pittas commented: “We are very pleased to announce the new charter arrangements for three of our vessels providing employment for longer than a year period for each of them. The three vessels are expected to make EBITDA contribution of about $7.5 million during 2021 under their new charters which would be more than four times their EBITDA contribution during the last twelve months.

“Both the rate of the charters – which is near the highest levels of the last ten years – and the duration of the contracts are indicative of the strength of the market during the recent months. If the present market levels continue and we are able to renew or replace the charters of the remaining of our vessels, as they expire, at similar levels, we should see a significant contribution to our earnings and profitability.”