Euroseas Ltd. Announces New Charters For Two Of Its Vessels, M/V “Evridiki G” and M/V “EM Corfu”
Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced the extension of the charter of its container vessels M/V “Evridiki G” and a new time charter contract for its container vessel M/V “EM Corfu”. Specifically:
M/V “Evridiki G”, a 2,556 TEU vessel built in 2001, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-eight months at the option of the charterer, at a daily rate of $40,000. The new rate will commence on February 1, 2022.M/V “EM Corfu”, a 2,556 TEU vessel built in 2001, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-eight months at the option of the charterer, at a daily rate of $40,000. The new rate will commence upon completion of the vessel’s drydocking in mid-February 2022.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce new charters for two of our vessels for periods of at least three years each at rates more than twice the levels of their existing employment. The new charters secure a minimum of $85m of contracted revenues and are expected to make an annualized EBITDA contribution in excess of $22.3m combined which is about $19m (or, at least, seven times) higher than their joint contribution over the last twelve months of about $3m. These new charters significantly improve both our profitability and cash flow visibility with our charter coverage for 2022 now exceeding 85% and for 2023 55%.
“Undoubtedly, the containership markets continue to show their strength and momentum as indicated by the rate and the duration of the above charters. We expect to be able to continue benefitting from the present strong market as there are another two of our vessels opening up for re-chartering within the next four months and, yet, another two vessels later in 2022. Furthermore, we started exploring chartering options for our two newbuildings which are expected to be delivered by the end of first and second quarters of 2023, respectively, as initially scheduled. If the present market levels continue, renewals of expiring charters should result in significant further increases in our profitability and employment coverage for the following years, providing a solid liquidity foundation for further growth of our company and rewards to our shareholders as our Board or Directors sees fit.”
TEN, Ltd Announces New Charters for Two LNG Vessels
TEN, Ltd. announced new charters for two LNG carriers, the Neo Energy and the Maria Energy to significant international energy concerns for an aggregate period of 36 months. The total gross revenues from these two fixtures, over the duration of the respective contacts, is expected at about $60 million.
“LNG is on top of the agenda for TEN’s diversified energy fleet. With two vessels fixed on accretive medium-term charters, the Company is examining further expansion in the sector,” Mr. George Saroglou, COO of TEN commented. “TEN’s model provides its clients with a broad range of vessel types, ranging from crude and product tankers to gas carriers. At the same time this diversity allows TEN to choose the best investment opportunities for growth,” Mr. Saroglou concluded.
TEN, founded in 1993 and celebrating this year 26 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 68 double-hull vessels, including two aframax and two suezmax tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.5 million dwt. Of the proforma fleet today, 48 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.