Splash247: Euroseas banks multi-year cover for boxship trio

Greek boxship owner Euroseas has secured three forward charters for its modern 2,800 teu feeder ships, locking in multi-year employment well ahead of schedule.

The Nasdaq-listed firm said the 2024-built Leonidas Z, 2023-built Gregos and 2023-built Terataki have all been fixed for 35 to 37 months at a daily rate of $30,000. The charters will start once the vessels roll off their current contracts in the first, second and third quarters of 2026.

The new rates mark a lift for the Leonidas Z, currently earning $20,000 per day, but a step down from the premium rates on the Gregos and Terataki, both currently on $44,000 per day. Even so, Euroseas said the deals lock in strong earnings visibility through 2029.

Chairman and CEO Aristides Pittas said the fixtures highlight continued firmness in the feeder segment despite wider market uncertainty. The contracts are expected to generate about $75m in EBITDA over their minimum period. With the new cover, the company’s chartered-out fleet is now 82.5% fixed for 2026, 66.5% for 2027 and 42% for 2028.

Euroseas operates a fleet of 25 vessels on a fully delivered basis, including four newbuilds set to deliver between 2027 and 2028.