Euroseas agrees time charter for new bulker

The 46,667DWT Monica P, which Euroseas sold last month.

Greek ship owner Euroseas has entered into a time charter contract for the 82,000DWT newbuilding Ekaterini.

Secured through its subsidiary, the 2018-built Kamsarmax bulk carrier has been chartered to a “highly reputable European charterer” for two years at a gross daily rate of US$13,000.

The charter will begin upon delivery of the vessel, which is scheduled to take place on May 7.

The charter is expected to contribute US$9 million of net revenues during the contract period.

Ekaterini will replace the 1998-built, 46,667DWT Monica P, which Euroseas sold to an unaffiliated third party for US$6.4 million.

Additionally, the company has secured a bank loan of about US$18.4 million to finance the acquisition of the vessel.

Euroseas Chairman Aristides Pittas said proceeds from the loan will enhance the company’s liquidity by US$2.2 million after repayment of the last installment to the shipyard and all related expenses.

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