Euroseas Ltd signs new charters for three 2,800-TEU ships, ensuring revenue visibility through 2029 with a projected EBITDA of $75 million.
Euroseas Ltd has signed new forward charter contracts for three of its modern 2,800-TEU containerships, as reported by LA's Globe Newswire. The vessels, M/V Leonidas Z, M/V Gregos, and M/V Terataki, will be fixed for a period of 35 to 37 months at a gross daily rate of US$30,000, starting in 2026 after their current charters conclude.
The Athens-based company emphasized that these deals highlight the strong demand in the feeder container segment. Chairman and CEO Aristides Pittas noted that the charters were secured with a top-tier operator at profitable rates, ensuring revenue visibility through 2029.
Mr. Pittas stated that the contracts are expected to generate approximately $75 million in EBITDA over the minimum period. He added that these agreements will increase Euroseas' charter coverage to 82.5% in 2026, 66.5% in 2027, and 42% in 2028, supporting the company's growth plans.
Founded in 2005 under Marshall Islands law, Euroseas was established to consolidate the Pittas family's shipping interests. The company trades on the NASDAQ Capital Market under the ticker ESEA and operates within the container shipping sector.
Currently, Euroseas' fleet consists of 21 vessels, including 15 feeder and six intermediate containerships, with a total capacity of 61,144 TEU. Following the delivery of four new intermediate ships in 2027 and 2028, the fleet will expand to 25 vessels with a capacity of 79,080 TEU.
