Euroseas Charters Newbuild Container Ship and Secures Financing for Another One

Greek shipowner Euroseas has entered into charter contract for its fuel efficient 1,800 TEU feeder container ship currently under construction, while securing funding for a sister ship planned for delivery later in 2024.

The time charter contract is for M/V Monica for a minimum period of 10 to a maximum period of 12 months at the option of the charterer, at a gross daily rate of $16,000.

The new charter will start upon delivery of the vessel from the shipyard expected around mid-May 2024.

The acquisition was financed with a combination of own funds and a $22.5 million loan provided by the National Bank of Fujairah.

The same financing is secured for the sister ship M/V Stefania K, which is expected to be delivered in mid-June.

 “We are pleased to announce that we have chartered our upcoming newbuilding vessel, the fifth in a series of nine and first of our three 1,800 teu units, with one of the largest liner companies, at a profitable rate level of $16,000/day.

“This charter is expected to contribute about $2.7 million of EBITDA for the minimum contracted period; it increases our 2024 charter coverage to over 85%.

“We are also pleased to have started a cooperation with the National Bank of Fujairah, as part of our strategy of diversifying our debt financing sources and expanding our relationships with commercial shipping lenders worldwide,” said Aristides Pittas, Chairman and CEO of Euroseas.