Euroseas secures 1-year charter for M/V Jonathan P in Greece
- Euroseas Ltd. announced a time charter contract for its feeder containership, M/V Jonathan P, on October 7, 2024.
- The contract is for a minimum of 11 months at a gross daily rate of $20,000, expected to generate $4 million in EBITDA.
- This move enhances Euroseas' charter coverage and aligns with its strategy of acquiring vessels with minimal residual value risk.
On October 7, 2024, Euroseas Ltd., a container shipping company based in Greece, announced a time charter contract for its feeder containership, M/V Jonathan P. The contract is set for a minimum of 11 months and a maximum of 13 months, with a gross daily rate of $20,000. This charter is expected to generate approximately $4 million in EBITDA during the minimum contracted period, significantly enhancing the company's charter coverage for 2024 and 2025. Euroseas operates a fleet of 23 vessels, including feeder and intermediate containerships, and aims to expand its fleet to 25 vessels by 2025. The company focuses on acquiring vessels with minimal residual value risk, which aligns with its investment strategy. The announcement reflects Euroseas' ongoing efforts to strengthen its market position in the container shipping industry, which is subject to various economic factors and competitive pressures.