Euroseas agrees charter extension for feeder boxship

Nasdaq-listed Greek boxship owner Euroseas has inked a charter contract extension for one of its feeder containerships.

Euroseas won a charter for the 1,740 teu EM Hydra for a minimum period of 24 to a maximum period of 26 months at the charterer’s discretion, at a gross daily rate of $19,000.

The new charter for the 2005-built vessel will begin on May 1, 2025, in direct continuation of its current charter.

According to the company, the charter is expected to contribute about $7.3m of EBITDA for the minimum contracted period and increase the Greek firm’s remaining 2025 charter coverage to about 85%. It also increases charter coverage for 2026 to about 50%.

“Despite the potential reopening of the Red Sea routes, which could normalize trading routes, the charter market for feeder containerships remains quite resilient, with limited vessel availability continuing to support strong periods and rates,” said Aristides Pittas, chairman and CEO of Euroseas.

In recent company news, Euroseas won new time charter deals for two of its containerships, the 2008-built Synergy Antwerp and the 2009-built Synergy Keelung.