Euroseas agrees higher rates for container vessel duo

Greek boxship owner Euroseas has terminated the current charters for the Rena P and Emmanuel P container vessels, while concurrently fixing the vessels on new charters.

Euroseas agreed to terminate the current charter for the 2007-built, 4,250 teu Rena P which was originally expiring in February 2025 earning a rate of $20,250 per day until April 2024 and, subsequently, a rate based on the ConTex index with a floor of $13,000 and a ceiling of $21,000 per day.

At the same time, the company entered a time charter contract for a minimum period of 20 to a maximum period of 24 months at a gross daily rate of $21,000. The new charter will start in August 2023, following the termination of the current charter.

Similarly, Euroseas agreed to terminate the current charter of the 2005-built, 4,500 teu Emmanuel P, which was supposed to expire in March 2025 at a rate of $19,000 per day.

The Greek firm did not state who the charterer was but according to data provided by VesselsValue, the vessels were hired by Israeli carrier ZIM.

The company then entered a new time charter for the vessel. The conditions were identical to the deal for the first vessel – a minimum period of 20 to a maximum period of 24 months for a daily rate of $21,000. The new charter will start in August 2023, following the termination of the current charter.

Aristides Pittas, chairman and CEO of Euroseas, said the new charters would contribute between $2-4m in extra revenues for the same period.

The Rena P and the Emmanuel P are recent additions to the Euroseas fleet. The vessels, previously named Seaspan Melbourne and Seaspan Manila respectively, were acquired for a combined price of $37m in the spring of last year.