Euroseas Ltd. Announces a New Time Charter Contract for its 2001-built 2,556 teu Feeder Containership, M/V EM Corfu, and the Sale of its Sister Vessel, M/V Evridiki G
Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a new time charter contract for its 2,556 teu feeder containership, M/V EM Corfu, built in 2001, for a minimum period of 12 to a maximum period of 14 months, at the charterer’s option, at ...
Euroseas Ltd., a container carrier vessel owner and provider of seaborne transportation services, recently announced a new time charter contract for its 2001-built 2,556 teu feeder containership, M/V EM Corfu, as well as the sale of its sister vessel, M/V Evridiki G. The 2001-built M/V EM Corfu will be subject to a minimum 12-month and maximum 14-month charter period, with a gross daily rate of $62,500, commencing in mid-December 2026 following the vessel's scheduled dry-dock.
The company anticipates generating approximately $17.8 million in EBITDA over the contracted period, boosting its charter coverage for 2026, 2027, and 2028 to 100%, 91%, and 49% respectively. Additionally, Euroseas has agreed to sell M/V Evridiki G, another 2001-built 2,556 teu vessel, for around $26 million, a price deemed attractive for a vessel of its age.
The sale is expected to result in a gain of approximately $22.5 million or around $3.19 per share. Euroseas, formed in 2005 by the Pittas family of Athens, Greece, currently operates a fleet of 20 vessels, including 14 feeder and 6 intermediate containerships, with a total cargo capacity of 58,588 teu.
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