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Euroseas (NASDAQ:ESEA) +3.4% pre-market Tuesday after saying it entered a time charter contract for one of its feeder boxships with an unnamed “top-tier liner company” at an average $16.5K gross daily rate.
The two-year charter for the 1,732 TEU, 1999-built Joanna will begin after the completion of its scheduled drydock, expected near the end of October 2024.
Euroseas (ESEA) said it expects the charter will contribute at least $6.4M of EBITDA, and boosts the company’s charter coverage for 2024 to 92% and for 2025 to 40%.
The company also said it took delivery of the Stephania K, its second 1,800 TEU feeder containership newbuilding from South Korea; the vessel already has started its previously arranged charter at a $22K dayrate.