Euroseas Ltd., owner and operator of container ships, today announced the signing of a new time charter contract for the container ship M/V EM Corfu. This ship, built in 2001 and with a capacity of 2,556 TEU, will be chartered for a minimum period of 12 to a maximum of 14 months at a daily rate of $62,500. This contract is expected to commence in mid-December 2026, following the completion of the ship's scheduled dry-docking.
Contract Details and Financial Impact
The new charter contract for M/V EM Corfu is expected to generate approximately $17.8 million in EBITDA over the minimum contract period. Additionally, this contract increases Euroseas' charter coverage for the years 2026, 2027, and 2028 to 100%, 91%, and 49%, respectively. Euroseas' President and CEO, Aristides Pittas, stated: "We are very pleased to have signed this new contract and consider it a profitable opportunity for the company."
Sale of Sister Ship M/V Evridiki G
Euroseas has also announced that it has signed an agreement to sell its sister ship M/V EM Corfu, namely M/V Evridiki G, for approximately $26 million. This ship is expected to be delivered to its new owners, who are an unrelated third party, after the completion of its current contract at the end of October. The sale of M/V Evridiki G allows Euroseas to record approximately $22.5 million or about $3.19 per share as profit from the sale.
Performance and Future Outlook of Euroseas
With the sale of M/V Evridiki G, Euroseas now has a fleet consisting of 20 ships, including 14 Feeder vessels and 6 Intermediate vessels with a total capacity of 58,588 TEU. With the delivery of four new Intermediate vessels and eight new Feeder vessels between 2027 and 2029, Euroseas' fleet will grow to 32 ships with a total capacity of 94,840 TEU. Since its establishment on May 5, 2005, Euroseas has gradually become one of the key players in the container shipping market.
