Euroseas Announces New Charter for M/V “EM Spetses”

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Euroseas, an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced a new time charter contract for its container vessel M/V “EM Spetses”.

Specifically, M/V “EM Spetses”, a 1,740 TEU vessel built in 2007, entered into a new time charter contract for a period between a minimum of thirty-six (36) and a maximum of forty (40) months at the option of the charterer, at a gross daily rate of $29,500. The new rate will commence on August 5, 2021 when the vessel is redelivered from its current charterer.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the new charter for our vessel, M/V “EM Spetses”, for about three years at a rate about three and a half times the level of its current employment. EM Spetses’ new daily rate of $29,500 is the second highest rate earned by a vessel in our fleet and, notably, by one of our smallest vessels. This fixture follows the fixture of our M/V “EM Hydra”, a sister vessel of M/V “EM Spetses” built in 2005, that was fixed about three months ago for an approximately two-year long charter at a gross daily rate of $20,000 indicating how strongly the market has risen in the span of just three months. This new charter will secure us with a minimum of $31 million of contracted revenues and have a minimum EBITDA contribution of approximately $24 million. At the same time, Euroseas is well positioned to take advantage of a further rising market with four more ships, about 30% of our fleet on-the-water, which are expected to open up till the end of the year.”