Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced charter extensions for its container vessels, M/V Kea and MV Hydra.
M/V EM Kea, a 3,100 TEU vessel built in 2007, entered into a time charter contract extension for a period of thirty-six months, at a gross daily rate of $19,000. The new charter will commence in June 2023 immediately following the completion of its current charter.
M/V EM Hydra, a 1,740 TEU vessel built in 2005, entered into a new time charter contract extension for a period of between a minimum of twelve and a maximum of fifteen months at the option of the charterer, at a gross daily rate of $15,000. The new charter will commence in May 2023 immediately following the completion of its current charter.
The two vessels combined secure in excess of $24m of net charter revenues and contribute in excess of $13m of EBITDA during the period of the charter extensions.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years.