DealsApr 15, 2026, 04:17 PM
Euroseas Extends EM Kea Charter for 36-38 Months at $30K/Day, Up 60%
AI Summary
Euroseas Ltd. announced a charter contract extension for its 2007-built EM Kea containership for a minimum of 36 to a maximum of 38 months. The new gross daily rate of $30,000, commencing July 14, 2026, represents a significant increase of close to 60% over the vessel's current rate. This fixture is expected to generate about $22.5 million in EBITDA over the minimum period and substantially increases the company's charter coverage for the coming years.
Key Highlights
- EM Kea charter extended for 36-38 months, starting July 14, 2026.
- New gross daily rate of $30,000, a nearly 60% increase.
- Expected to generate approximately $22.5 million in EBITDA.
- Increases 2026 charter coverage to 91%, 2027 to 76%, 2028 to 44%.