Euroseas Fits Out Newbuild with Sights Set Upon Box Market

Euroseas, a Greek shipping company, is leveraging the current uptick in the containership sector by securing a new long-term charter agreement for one of its feeder ships scheduled for delivery this year.

Led by Aristides Pittas, Euroseas has arranged for its 2,800 TEU vessel, Leonidas Z, to be chartered for a period of up to 25 months starting from April or May, at a daily rate of $20,000.

Pittas highlighted that this charter agreement, established with one of the top liner companies at a lucrative rate, is expected to generate approximately $9 million in EBITDA over the minimum guaranteed duration of 23 months.

For context, Euroseas had previously negotiated a charter in January for another newly built vessel, Tender Soul, for a duration of up to 10 months at a rate of $17,000 per day.

Euroseas, which is listed on Nasdaq, operates a fleet of 20 containerships and anticipates the addition of six new feeder vessels in 2024. The company plans to take full advantage of the prevailing strong market conditions by securing charter contracts for several of its ships that are due to conclude their current charters in the forthcoming quarter.