Euroseas locks in $62,500/day charter as boxship sale nets $22.5m gain
Greek owner secures 12-14 month charter for 2,556 teu vessel while selling sistership for $26m.
Greek shipping firm Euroseas has capitalized on the robust market for smaller container vessels by securing a lucrative charter and selling an aging ship at a significant profit.
The Nasdaq-listed company, led by Aristides Pittas, announced a new charter agreement for its 2001-built EM Corfu, a 2,556 TEU feeder vessel. The contract guarantees a daily rate of $62,500 for a minimum of 12 months, with the option to extend to 14 months. This represents more than double the vessel’s previous rate of $28,000 per day. The charter is set to begin in mid-December after the ship completes a scheduled drydocking.
Euroseas estimates the minimum charter period will generate approximately $17.8 million in EBITDA. Meanwhile, the company has also agreed to sell the EM Corfu’s sister ship, the Evridiki G, for $26 million. The 2001-built vessel, which currently earns $29,500 per day under its existing charter, will be handed over to an unrelated buyer at the end of October once its current contract expires.
Fleet adjustments and expansion plans: Euroseas
The sale is expected to yield an accounting gain of around $22.5 million, providing a substantial boost to Euroseas’ financial position without the need for additional drydocking costs.
With the sale of the Evridiki G, Euroseas will reduce its operational fleet to 20 containerships, totaling approximately 58,600 TEU in capacity. Despite the disposal, the company is actively expanding its fleet through newbuilds. It currently has 12 vessels under construction in China, ranging from 1,800 TEU feeders to 4,484 TEU intermediate containerships. These new ships are scheduled for delivery between 2027 and 2029, positioning Euroseas for future growth in the container shipping sector.
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