DealsMay 26, 2026, 04:38 PM
Euroseas Extends Charters for M/V Stephania K, M/V Pepi Star at $25,500/day
AI Summary
Euroseas Ltd. announced 2-year charter contract extensions for its 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 late July and mid-August 2026, respectively. These charters are expected to generate approximately $27 million in EBITDA and significantly increase the company's charter coverage for 2026, 2027, and 2028.
Key Highlights
- Euroseas extended charters for M/V Stephania K and M/V Pepi Star for 24-26 months.
- The gross daily charter rate for both vessels is $25,500.
- New charters commence July 28, 2026 (Stephania K) and August 19, 2026 (Pepi Star).
- Expected EBITDA generation is approximately $27 million over the minimum contracted period.
- Charter coverage for 2026 increased to about 96%.
- Charter coverage for 2027 increased to about 86%.
- Charter coverage for 2028 increased to about 48%.
Price Impact
More from ESEA