Dry CargoEurope

Euroseas secures loan and charter for newbuild kamsarmax

Greek owner Euroseas has secured an $18.4m loan to finance its newbuild kamsarmax bulker Ekaterini and fixed the bulker on a two-year charter.

The vessel, which is scheduled for delivery today, will immediately go out on charter to an unnamed European client for two years at $13,000 per day. Splash understands the charterer is Norway’s Klaveness.

The charter will generate around $9m of net revenues, while the new bank loan will add around $2.2m to the company’s funds after the repayment of the last installment to the yard.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are pleased to announce the two-year contract of our new vessel Ekaterini along with its respective financing. We believe that this fixture will provide us with substantial additional secured cash flow for the next two years, allowing us more flexibility in pursuing further growth opportunities.”

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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