Euroseas seals bumper charter and $26m boxship sale

Nasdaq-listed Greek containership owner Euroseas has secured a $62,500-a-day charter for a 25-year-old feeder vessel while agreeing to sell its sistership for $26m, capitalising on continued strength in the smaller boxship market.

The Aristides Pittas-led company said its 2001-built, 2,556 teu EM Corfu has been fixed for a minimum of 12 and maximum of 14 months at the charterer’s option.

The new contract will begin in mid-December, following a scheduled drydocking, and represents a sharp increase from the vessel’s previous employment at $28,000 per day.

Euroseas expects the minimum charter period to generate approximately $17.8m in EBITDA. The company has also agreed to sell the 2001-built, 2,556 teu Evridiki G to an unrelated third party for approximately $26m.

The vessel is expected to change hands at the end of October, once its current charter expires.

Euroseas anticipates recording an accounting gain of approximately $22.5m from the disposal.

Both vessels were previously fixed in November 2024, with EM Corfu securing $28,000 per day and Evridiki G $29,500 per day.

The latest charter more than doubles EM Corfu’s previous daily rate, while the sale allows Euroseas to realise a substantial gain from its sistership without undertaking another costly drydocking.

Following the disposal, Euroseas will operate 20 containerships with a combined capacity of approximately 58,600 teu. The company also has 12 vessels under construction in China, ranging from 1,800 teu feeders to 4,484 teu intermediate containerships, with deliveries scheduled between 2027 and 2029.

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