Euroseas Ltd. (Euroseas) has announced a time charter deal for M/V Jonathan P, a 1,732 TEU feeder containership.
The contract is for a minimum of 11 to a maximum of 13 months, at the charterer’s discretion, with a gross daily rate of $20,000.
The new charter will commence after the completion of her scheduled intermediate survey, expected around mid-to-end of October 2024.
READ: Euroseas inks charter for feeder vessel
Aristides Pittas, Chairman and CEO of Euroseas, siad: “This fixture is a testament to the constant need for feeder ships, despite declining container freight rates. It also validates the component of our investment strategy of acquiring vessels with minimal or no residual value risk at the expiration of their initial charter, as was the case with M/V Jonathan P.
“The present charter is expected to contribute about 4.0 million of EBITDA for the minimum contracted period and increase our remaining 2024 charter coverage to about 96 per cent; it also increases our charter coverage for 2025 to about 52 per cent.”
In September, Euroseas announced a time charter agreement for its 4,250 TEU intermediate containership, M/V Synergy Busan.
