Euroseas: New containership purchases

Nasdaq-listed Euroseas shipping company of Aristides Pittas, which operates a fleet of container vessels, agreed to buy the Seaspan Manila M / V and Seaspan Melbourne M / V, both container vessels built in 2007 and in 2005, respectively. The ships will be acquired for a total price of $ 37 million. The company will also undertake the existing charter agreements of the ships. Both acquisitions will be initially financed with the company’s own funds.

– M / V Seaspan Manila is expected to be delivered to the Company within July 2022 and has a charter contract until February 2025 with a fare of $ 20,250 per day until April 2024 and then based on the CONTEX index with a threshold $ 13,000 per day and a maximum of $ 21,000 per day by the end of the charter period.

M / V Seaspan Melbourne is expected to be delivered to the Company within June 2022 and has a charter contract until March 2025 with a fare of $ 19,000 per day.

Aristides Pittas, President and CEO of Euroseas commented, among other things, that the new charters of the two ships are expected to contribute more than about $ 20 to the EBITDA of Euroseas. Following the delivery of the above vessels, we will have a fleet of eighteen container vessels and a construction program of seven new containerships expected to be completed between the first quarter of 2023 and the second quarter of 2024.