Euroseas Ltd. (“Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced new time charter contract for its 4,250 teu intermediate containership, M/V Rena P for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer, at a gross daily rate of $35,500, in direct continuation of its present charter. The new charter period is expected to commence on August 21, 2025.
The Company also announced that it has completed the spin-off of three of its subsidiaries containing its two older vessels, M/V Aegean Express and M/V Joanna, along with the proceeds from the earlier sale of the vessel M/V Diamantis P, into EuroHoldings Ltd. (NASDAQ: EHLD). Starting today, March 18, 2025, EuroHoldings Ltd. operates as an independent company.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that we have extended the time charter contract for our intermediate containership, M/V Rena P, with a top-tier charterer, in direct continuation of its present charter, for 35-37 months at a profitable rate of $35,500. This fixture, which is similar in terms of length and rate to charters of other 4250 teu vessels in our fleet executed last year, demonstrates the resilience of the charter market. Geopolitical uncertainty around the Red Sea reopening and fluctuating tariffs, the limited availability of vessels, and the sustained demand for such tonnage by main liner operators are all contributing to keeping the charter market balanced, with owners continuing to secure very lucrative charters. This charter is expected to generate approximately $29.0 million in EBITDA over the minimum contracted period and increase our charter coverage for 2025 to about 88%, and for 2026 to about 54%, respectively.
“In parallel, we are also pleased to announce the successful completion of our spin-off of EuroHoldings, which will continue as a separate company. EuroHoldings, initially owning two older vessels with profitable charters, will look to grow by investing in older vessels in the containership and other sectors, while also evaluating additional maritime opportunities.”
Fleet Profile:
After the charter of M/V Rena P, and after the previously announced spin-off of three of the Company’s subsidiaries into a separate company, Euroholdings Ltd., which received approval for its listing on the NASDAQ exchange, the Euroseas Ltd. fleet profile is as follows:
