Euroseas’ smallest boxship beats previous charter deal by more than 250%

Greek boxship owner Euroseas has re-fixed its smallest and oldest vessel on a long-term charter at close to 257% of the previous rate.

The 25-year-old, 1,439 teu Aegean Express is set to commence its new charter in early April this year, fetching $41,000 per day for a period of 36 to 39 months. The contract is in direct continuation of the present charter with an unnamed client at $11,500 per day.

Aristides Pittas, chairman and CEO of Euroseas, commented: “The daily rate of this charter is near the highest rate levels achieved by any vessel in our fleet for a three-year contract and highlights the strength of the containership markets.”

The Nasdaq-listed company said the 1997-built Panama-flagged ship is expected to contribute over $32m of EBITDA throughout the charter. The contract is said to increase Euroseas’ charter coverage for 2022 to about 96% and charter coverage for 2023 and 2024 to about 67% and 45%, respectively.

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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