ATHENS, Greece, April 07, 2025 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA, the "Company" or "Euroseas"))), 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 1,800 teu feeder containership, M/V Monica for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $23,500. The new charter period is expected to commence around the end of April to mid-May 2025.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to announce a new time charter contract for our feeder containership, M/V Monica, with a top-tier charterer for 24-26 months at a profitable rate of $23,500. Despite the various macro-economic uncertainties, this fixture highlights the continued strength of the containership charter market, with both periods and rates remaining at very healthy levels, as operators look to secure their requirements in an environment with very limited supply. This charter is expected to generate approximately $12.1 million in EBITDA over the minimum contracted period and increase our charter coverage for 2025 to about 94%, and for 2026 to about 58%, respectively."