Euroseas announces three-year charter contract for its Intermediate Containership, M/V Emmanuel P

Euroseas an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that it has secured a new time charter contract for its 4,250 teu intermediate containership, M/V Emmanuel P built in 2005, for a minimum period of 36 to a maximum period of 38 months, at the option of the charterer, at a gross daily rate of $38,000. The new charter period is expected to commence upon delivery of the vessel from the shipyard, following the completion of her scheduled drydock and the installation of energy saving devices, both of which are expected in the first half of September of 2025.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce a new time charter contract for our intermediate containership, M/V Emmanuel P, with a top-tier charterer for 36-38 months at a profitable rate of $38,000 per day. Amidst a shortage of tonnage, this fixture sets a higher rate level than “last done” and serves as a strong testament to the continued strength of the containership market, as well as the trust main market players place on Euroseas’s commercial, technical and commercial management. This charter is expected to generate more than $32.0 million in EBITDA, over the minimum contracted period and increase our charter coverage to approximately 97% for 2025, 67% for 2026 and 40% for 2027. In parallel, our average contracted daily rate increases to about $28,700 for the remainder of 2025 and further increases to more than $31,000 per day in 2026 and more than $33,000 per day in 2027, providing significant visibility into our future cash flows and earnings.”