Euroseas fixes charter and financing for feeder newbuilds

Nasdaq-listed Greek boxship owner Euroseas has entered into a time charter contract for a newbuild feeder boxship.

The charter was signed for the 1,800 teu feeder Monica for a minimum period of ten to a maximum period of twelve months at the option of the charterer, described only as one of the largest liner companies. The newbuild vessel is the fifth in a series of nine and Euroseas’ first of three 1,800 teu newbuild units.

The vessel will be hired at a gross daily rate of $13,000. It will contribute about $2.7m of EBITDA over the minimum contracted period increasing our Euroseas’ 2024 charter coverage to over 85%. The new charter will begin upon delivery of the vessel from the shipyard expected around mid-May 2024.

The financing of the vessel was secured with a combination of own funds and a $22.5m loan provided by the National Bank of Fujairah. The same financing is secured for the sister ship Stefania K, expected to be delivered in mid-June.