Euroseas fixes Panamax box ship for two years at a bumper rate

Nasdaq-listed Greek container ship owner Euroseas has standardized the 2009-built Panamax Synergy Keelung at a significantly lower price compared to the previous charter contract. The Aristides Pittas-led company, which has a fully delivered fleet of 26 container ships, has signed a new two-year contract with an unnamed charterer with two-month options at $23,000 per day.

The 4,253 teu vessel will begin its new charter in April after closing its current commitment of $14,500 per day.
Pittas, the President and CEO stated that they believe in both, the charter rate and especially the loan duration that shows the flexibility of the container ship market, which has strengthened after the adjustment that has taken place over the past six months.

The charter is expected to generate $10 million in earnings before interest, taxes, depreciation and amortization (EBITDA). In 2022, Euroseas made a profit of $106.2 million on a turnover of $182.7 million.