Euroseas secures new charter deals

Greek vessel owner Euroseas announced new time charter contracts for two of its 4,253 TEU intermediate container ships, Synergy Antwerp and Synergy Keelung.

Both charters are for a minimum period of 36 months and a maximum period of 39 months, at the option of the charterer, at a gross daily rate of US$35,500. Synergy Antwerp and Synergy Keelung will commence the new charters after the completion of their current agreements, expected in May and June, respectively.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “These charters continue to demonstrate the strong demand for feeder and intermediate size vessels by liner companies despite the possibility of potential rerouting of vessels back through the Suez Canal later in the year.”

He added: “We believe that charterers are willing to secure tonnage well in advance at very firm periods and rates, driven by the tight supply of feeder and intermediate containership vessels. This is largely due to their very limited orderbook and the fact that a large percentage of their fleet is older than 20 years.”

Pittas went on to say: “These specific contracts are expected to contribute approximately US$57 million in EBITDA over the minimum contracted period, increasing our 2025 charter coverage to about 82%, and our charter coverage for 2026 to about 45%. Furthermore, given the notable performance improvements of retrofitted sister vessels in our fleet, the growing demand for more fuel-efficient, high-spec vessels, as well as the mutual benefits of such upgrades, we have also agreed with the charterer to retrofit Synergy Keelung with energy saving devices (ESDs) sharing the costs of the upgrade.”

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