Shippingtelegraph: ‘Profitable charters:’ Euroseas reports forward fixtures for feeder trio until 2029

Greece’s Euroseas boxship owner, led by Aristides Pittas, has agreed to employ three of its feeder boxships to a “top-tier charterer” for a three-year period.

The new forward fixtures will begin directly after the redelivery of their present charters, during the first, second and third quarters of 2026 and keep the 2,800 teu container vessels Leonidas Z (2024-built), Gregos and Terataki, both built in 2023, occupied at a gross daily rate of $30,000 until 2029.

All three charters will be for a minimum period of 35 to a maximum period of 37 months, at the option of the charterer.

As informed, the charters are expected to generate approximately $75m of EBITDA over the minimum contracted period and increase the company’s charter coverage for 2026, 2027, and 2028 to approximately 82.5%, 66.5%, and 42% respectively.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are very pleased to announce new charter contracts for three of our modern, South Korea-built, 2,800 teu feeder containerships with a top-tier charterer for 35-37 months at a profitable rate of $30,000.

“These fixtures demonstrate the strong underlying demand for the feeder container segment, helping to keep the charter market for such vessels at high levels and firm despite global uncertainties.

“Securing these charters greatly increases our revenue and earnings visibility well into 2029, allowing us to concentrate on evaluating further growth opportunities.”

The Nasdaq-listed company has a fleet of 21 vessels, including 15 feeder containerships and 6 intermediate containerships with a cargo capacity of 61,144 teu.

After the delivery of four intermediate containership newbuildings in 2027 and 2028, respectively, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 79,080 teu.