Euroseas extends EM Spetses charter at a higher rate, boosting revenue and fleet coverage amid strong feeder demand, reports Shipping Telegraph.
Greece's Euroseas has extended the charter of its feeder containership EM Spetses at a stronger rate, reports Denmark's Shipping Telegraph.
The Nasdaq-listed company agreed to a new deal with a top charterer for the 2007-built 1,740 TEU vessel. The contract runs for a minimum of 22 months and up to 24 months at the charterer's option, starting April 12, 2026. The gross daily rate is $21,500, which is more than $3,000 above the current level.
Chairman Aristides Pittas stated that the fixture underlines firm demand in the feeder segment, despite the Lunar New Year holidays. He noted that the deal will generate approximately US$8.9 million of EBITDA over the minimum period and will lift charter coverage to 87 percent in 2026, 71 percent in 2027, and 41 percent in 2028.
Euroseas operates 21 vessels, including 15 feeder and 6 intermediate containerships with a total capacity of 61,144 TEU. Following the delivery of four newbuilds in 2027 and 2028, the fleet will expand to 25 ships with a total capacity of 79,080 TEU.
