Euroseas announced on that it has secured a new time charter contract for its feeder containership, EM Spetses.
The 2007-built vessel has a capacity of 1,740 TEU and a deadweight tonnage of 23,224. It will be employed for a minimum period of 22 to a maximum period of 24 months.
The agreement is set at a gross daily rate of $21,500. This represents a daily increase of over $3,000 compared to the current rate for the vessel.
The new charter period is scheduled to begin on April 12, 2026. This commencement will occur in direct continuation of the vessel's present charter agreement.
Aristides Pittas, Chairman and Chief Executive Officer of Euroseas, said the company has extended the contract for EM Spetses with a "top-class charterer". He noted that activity across the feeder segment remains firm despite the upcoming Lunar New Year holidays.
Pittas explained that operators are moving to, "secure their requirements amid a tight container chartering market with very limited tonnage availability." The charter is expected to generate about $8.9 million of EBITDA over the minimum contracted period, Euroseas stated.
The company reported that this extension increases its charter coverage for 2026 to about 87 per cent. Its coverage for 2027 and 2028 has risen to about 71 per cent and 41 per cent respectively.