Euroseas secures 3-year charter for M/V Synergy Busan

On September 23, 2024, Euroseas Ltd., a prominent owner and operator of container carrier vessels, announced a significant time charter contract for its intermediate containership, M/V Synergy Busan. The contract is set for a minimum of 36 months, with an option for the charterer to extend it to a maximum of 38 months. The gross daily rate for this charter is $35,500, which is expected to generate substantial revenue for the company. Aristides Pittas, the Chairman and CEO of Euroseas, expressed satisfaction with the contract, highlighting its profitability and the strong relationship with a top-class charterer. This agreement is projected to contribute over $29 million in EBITDA during the minimum contracted period, enhancing the company's financial stability. The new charter significantly boosts Euroseas' charter coverage, increasing it to approximately 95% for the remainder of 2024 and around 50% for 2025. This strategic move reflects the company's commitment to securing long-term contracts, which are essential for maintaining a steady revenue stream in the competitive shipping industry. Euroseas Ltd. operates a diverse fleet of 23 vessels, including both feeder and intermediate containerships. The company is well-positioned in the container shipping market, with plans to expand its fleet further in the coming years. The successful chartering of M/V Synergy Busan underscores Euroseas' operational capabilities and its focus on maximizing profitability through strategic partnerships.