EuroHoldings secures $24m boost as it swaps boxes for tankers
The Greek owner locks two ageing feeders into multi-year charters at rates up to 45% above current levels.
EuroHoldings has secured long-term charter agreements for its two older feeder containerships, generating significant revenue as it shifts focus toward the product tanker sector. The deals are expected to contribute approximately $24 million in EBITDA, strengthening the company’s financial position for its expansion.
The 1,732 TEU Joanna, built in 1997, has been fixed for a minimum of 30 months at $24,000 per day, starting December 2, with an option for an additional 20 days at the charterer’s discretion. Under its current contract, the vessel earns $16,500 per day until the new terms begin.
New charter agreements boost cash flow: EuroHoldings
The 1,439 TEU Aegean Express, constructed in 1999, has secured a 24- to 26-month extension at $20,500 per day, effective January 1. Its existing charter pays $16,700 per day through the end of this year.
With these agreements, EuroHoldings has increased its charter coverage to 79% for the remainder of 2026, 48% for 2027, and 47% for 2028. The longer employment terms extend the Joanna’s operations into mid-2029 and the Aegean Express’s until late 2028.
Strategic shift into product tankers
The company, originally a feeder containership operator, is diversifying into medium-range (MR) product tankers. In May, EuroHoldings finalized the purchase of its second 2015-built MR tanker from Latsco Shipping for $39.25 million, following a $31.83 million acquisition of its first MR vessel late last year.
Once both tankers are delivered, EuroHoldings’ fleet will consist of four ships: two feeder containerships with a combined capacity of 3,171 TEU and two product tankers, each with a deadweight tonnage of 49,997.
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