Euroseas (ESEA) said Tuesday it has extended the time charter contract for its feeder containership, M/V EM Hydra, for a minimum period of 24 months to a maximum period of 26 months at a gross daily rate of $19,000.
The new charter period will start on May 1, the company said.
Despite the potential reopening of the Red Sea routes which could normalize trading routes, the charter market for feeder containerships remains quite resilient, with limited vessel availability continuing to support strong periods and rates, said Chief Executive Officer Aristides Pittas.
"This charter is expected to contribute about $7.3 million of EBITDA over the minimum contracted period and increase our 2025 charter coverage to about 85%, and our charter coverage for 2026 to about 50%," Pittas said.
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