Shippingtelegraph: Atlas Maritime and EMF clinch ‘record-high’ charter deal for last PCTC

Published by shippingtelegraph

Leon Patitsas, the shipowner whose name is among the most powerful Greek shipowners, and European Maritime Finance (EMF) have secured what they describe as a record-high time charter rate for one of their new car carriers.

The two partners, Atlas Maritime led by Patitsas and the Danish-headquartered fund management company focused on maritime investments EMF, have sealed a two-year employment with a leading Chinese operator in the roll-on/roll-off transportation of cars, trucks, and heavy vehicles for their dual-fuel LNG pure car and truck carrier (PCTC) Clean Star at a rate of $80,000 per day.

EMF claims this is the ‘highest time charter rate ever’ achieved across its fleet and investment portfolio, reinforcing its ability to secure premium commercial opportunities and maximize long-term value creation.

The new charter is expected to generate around $56m in gross revenue, EMF said, adding that the 7.000-ceu vessel remains on schedule for delivery following its successful launch in June.

The Clean Star, built at CIMC Raffles in China, is the fourth newbuild pure car and truck carrier EMF has in its fleet portfolio.

The 7.000-ceu Eco Star, also on time charter to a global industry leader, is the third in a series of four PCTCs constructed at CIMC Raffles, Yantai, in China. Stretching 200 metres in length, she features 12 car decks with an effective area of 59,000 m².

Martin Haugaard, founder and chairman of the investment advisory board at EMF, commented: “This record-high charter further strengthens the earnings profile of the investment and reflects our long-standing commitment to delivering attractive and sustainable returns for our investors.

“This new two-year time charter alone is expected to generate approximately $56m in gross revenue, clearly demonstrating the significant long-term value creation potential of these assets.

“With an anticipated operational life of 25-30 years, these vessels are capable of generating attractive earnings, strong cash flows, and substantial dividend distributions for decades. Combined with their long-term residual asset value, we believe this investment represents exactly the type of high-quality maritime opportunity we seek to offer our investors.”