Splash247: EuroHoldings locks in boxship cash flow for tanker push

Published by Splash247

EuroHoldings has locked its two vintage feeder containerships into fresh period deals at $24,000 and $20,500 per day, adding around $24m of expected EBITDA as the company builds liquidity for its push into product tankers.

The 1,732 teu Joanna has been fixed for at least 30 months, plus up to another 20 days at the charterer’s option, at $24,000 per day from December 2. The ship is currently set to earn $16,500 per day through the start of the new contract.

The 1,439 teu Aegean Express has secured a minimum 24- and maximum 26-month extension at $20,500 per day from January 1. Its existing charter pays $16,700 per day through the end of this year.

The two fixtures take EuroHoldings’ charter coverage to around 79% for the remainder of 2026, 48% for 2027 and 47% for 2028. The minimum periods are expected to contribute about $24m of EBITDA.

The deals give EuroHoldings more contracted cash flow as it pivots away from its origins as a feeder containership spin-off and into MR product tankers.

Splash reported in May that the Latsis-linked company was buying its second 2015-built MR from Latsco Shipping for $39.25m. That followed a $31.83m deal for its first MR late last year. On a fully delivered basis, EuroHoldings will have four ships — two feeders totalling 3,171 teu and two 49,997 dwt product tankers.

The two feeder ships date from 1997 and 1999, making the new rates notable given their age and extending employment on the larger unit into mid-2029 and the smaller ship to around the end of 2028.