Euroseas fixes panamax boxship, eyeing further deals

GREEK boxship owner Euroseas has sealed two consecutive time charter contracts for its 4,250-TEU Synergy Oakland, reports Singapore's Splash 247.

The 2009-built Panamax boxship will go on a new charter for two to three months at US$130,000 per day.

The charter commences between January 5 and January 25 when the vessel will be redelivered from its current charterer.

The second employment will commence April 15 and last between 48 and 51 months at a daily rate of $42,000.

The charters are expected to make an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) contribution of $11.5 million during the first quarter of 2022 and $12 million per year during each of the next four years, totalling $57 million of EBITDA contribution.

"If the present market levels continue, renewals of expiring charters should result in significant further increases in our profitability and employment coverage for the following years." said Euroseas CEO Aristides Pittas.

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2021/12/8 12:42:39