Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a charter contract extension for its 2007-built 3,100 teu feeder containership, EM Kea, for a minimum period of 36 to a maximum period of 38 months, at the charterer’s option, at a gross daily rate of $30,000. The new charter period will commence on July 14, 2026, in direct continuation of its present charter, and represents a daily increase of close to 60% over the vessel’s current rate.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce that we have extended the time charter contract for our 2007-built EM Kea with a top-class charterer, in direct continuation of its present charter, for a period of 36 to38 months at a profitable rate of $30,000 per day. This fixture demonstrates the ongoing shortage of prompt tonnage, which along with macroeconomic disruptions and continued uncertainty caused by the war in the Middle East, continue to sustain the firmness of the containership charter market.
The three-year charter extension also reflects the strong collaboration between us and the charterer and, we believe, underscores the mutual confidence and trust between our companies. The charter is expected to generate about $22.5 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 91%, 76% and 44% respectively.”
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