Euroseas reported it has secured a time charter contract extension for its feeder containership, EM Kea, at a gross daily rate of $30,000. Built in 2007, the vessel has a capacity of 3,100 TEU and will begin the new term on July 14, 2026, as a direct continuation of its current employment.
The agreement covers a minimum period of 36 months and a maximum of 38 months at the option of the charterer. According to the company, this daily rate represents an increase of nearly 60 per cent compared to the current earnings of the vessel.
Aristides Pittas, Chairman and Chief Executive Officer of Euroseas, stated that the fixture was secured at a profitable rate with a "top-class" charterer.
He noted that the contract demonstrates a shortage of prompt tonnage and macroeconomic disruptions that continue to sustain firmness in the containership market.
Euroseas expects the extension to generate approximately $23 million in profit over the minimum contracted period of three years. This estimate is based on the gross daily rate across the 36-month duration.
The fixture increases the charter coverage for the fleet to approximately 91 per cent for 2026 and 76 per cent for 2027. Coverage for 2028 now stands at 44 per cent following the conclusion of this agreement.
