DealsMay 26, 2026, 09:12 AM
Euroseas Extends Charters for 2 Vessels at $25,500/Day
AI Summary
Euroseas Ltd. announced charter contract extensions for its 2024-built 1,800 teu feeder containerships, M/V Stephania K and M/V Pepi Star. The extensions are for a minimum of 24 to a maximum of 26 months at a gross daily rate of $25,500, commencing in July and August 2026. These charters are expected to generate approximately $27 million of EBITDA over the minimum contracted period and significantly increase the company's charter coverage for 2026, 2027, and 2028.
Key Highlights
- Charter contracts extended for M/V Stephania K and M/V Pepi Star.
- New gross daily rate of $25,500 for each vessel.
- Minimum charter period of 24 months, maximum of 26 months.
- Expected to generate approximately $27 million in EBITDA over minimum period.
- Increases charter coverage for 2026 to about 96%.
- Increases charter coverage for 2027 to about 86%.
- Increases charter coverage for 2028 to about 48%.
Price Impact
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