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Euroseas Enters New Charter For 2004-Built Container Vessel

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  • Euroseas Ltd. (NASDAQ: ESEA) entered into a new time charter contract for its 2004 built M/V "EM Astoria," vessel for an average daily rate of about $45,000 for the duration of the charter. The new charter will commence in February 2022.

  • The time charter contract is for a minimum of thirty-six and a maximum of thirty-eight months, at a daily rate of $65,000 for the first twelve months, $50,000 for the subsequent twelve months, and $20,000 for the remaining twelve to fourteen-month period.

  • The new charter secures the company with a minimum of $47 million of contracted revenues and to make a total EBITDA contribution of over $36 million over the three years of the contract.

  • The charter also increases Euroseas' charter coverage to about 92% for 2022, more than 60% for 2023, and about 45% for 2024.

  • Price Action: ESEA shares are trading higher by 7.53% at $29.85 on the last check Tuesday.

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