Nasdaq-listed Greek containership owner Euroseas has won new time charter deals for two of its boxships.
The first contract is for the 2008-built Synergy Antwerp. The company stated that the contract will commence its charter after the completion of its present charter, expected sometime in May 2025.
The second is for the 2009-built Synergy Keelung. The charter of the vessel will begin in June 2025, after the containership completes its current deal. The charterer will also retrofit the vessel with energy-saving devices. The costs of the upgrade will be shared between the two firms.
Both 4,253 teu vessels will work 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 $35,500.
The contracts are also significantly more lucrative than the two deals they are working under at the moment. The Synergy Antwerp current rate is $26,500 which was boosted from $18,000 following an extension of the original deal from December 2020. The active deal for the Synergy Keelung is $23,000 per day.
These two contracts are expected to contribute approximately $57m in EBITDA over the minimum contracted period, increasing the company’s 2025 charter coverage to about 82%, and the charter coverage for 2026 to about 45%.
“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,” said Aristides Pittas, Chairman and CEO of Euroseas.
He added that charterers were 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 added.
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