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Euroseas sells 30-year old box ship for scrap, inks deals for 2 charter extensions

GREEK containership owner Euroseas has sold its 1990-built 1,169 TEU feedermax boxship Ninos for scrap for a price of around US$2

23 September 2020 - 19:00

GREEK containership owner Euroseas has sold its 1990-built 1,169 TEU feedermax boxship Ninos for scrap for a price of around US$2.36 million.

The company announced that the vessel, which is scheduled to be delivered to the buyer before the end of the month, has a scrap value of $1.96 million according to VesselsValue.



Euroseas also announced that the 2001-built 5,000 TEU box ship Akinada Bridge has extended its time charter contract for 12-13 months, with an additional 10-12 month option. The daily rate is $17,250 for the firm period and $20,000 on the option.



An extension option was also declared on 2009-built 4,253 TEU panamax box ship Synergy Oakland, extending the charter for another 8-12 months, reports Singapore's Splash 247.



Aristides Pittas, chairman and CEO of Euroseas, commented: 'The strength of the intermediate size containership market has provided us with an opportunity to extend the charter of our C/V Akinada Bridge at a rate that will significantly contribute to our cash flow for the following year.



'Its contribution will complement the contributions of our 15 intermediate and feeder vessels, a segment on which we are focusing our growth strategy and where we aspire to leverage our position as the only US public platform of smaller containerships to consolidate other vessels or fleets.'



Looking ahead, Mr Pittas said: 'We are cautiously optimistic about the prospects of the containership market across all segments as fleet growth over the next couple of years is expected to be low by recent trends. We are encouraged with the starting recovery of the charter market in late July 2020, but we still believe that the economic uncertainties remain high due to both the possibility of recurrence of the Covid-19 pandemic and the continuing trade tensions between the US and China, which affect the containership market.'


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