Euroseas secures new feeder charter and agrees vessel sale
Euroseas Ltd. has secured a new time charter agreement for its feeder containership EM Corfu at a gross daily rate of US$62,500, while also agreeing to sell its sister vessel Evridiki G for approximately US$26 million.
Both vessels were built in 2001 and have a carrying capacity of 2,556 TEU. The transactions involve two of the company’s older containerships and are expected to contribute to its earnings and fleet development plans.
The new charter for EM Corfu will run for a minimum of 12 months and a maximum of 14 months, at the charterer’s option. It is expected to commence in mid-December 2026, following the vessel’s scheduled dry-docking.
EM Corfu charter expected to generate significant earnings
Euroseas estimates that the new employment agreement for EM Corfu will generate approximately US$17.8 million in EBITDA over the minimum contracted period.
The company also reported that the agreement increases its charter coverage to approximately 100% for 2026, 91% for 2027 and 49% for 2028.
Aristides Pittas, Chairman and Chief Executive Officer of Euroseas, described the new charter as a profitable agreement and highlighted its contribution to the company’s contracted revenue visibility.
The vessel’s new daily rate represents a substantial increase from the US$28,000 rate shown for its existing charter in the company’s fleet profile.
Euroseas agrees sale of Evridiki G
Alongside the charter announcement, Euroseas confirmed an agreement to sell Evridiki G to an unaffiliated third party for approximately US$26 million.
The vessel is expected to be delivered to its new owners at the end of October 2026, following completion of its current charter.
Euroseas anticipates recording a gain on the sale of approximately US$22.5 million, equivalent to around US$3.19 per share.
The company said it continues to evaluate employment and sale opportunities for its older vessels, taking into account potential financial returns.
The sale remains subject to completion, and the expected accounting gain has not yet been realised.
Fleet expansion continues through newbuilding programme
Following the expected sale of Evridiki G, Euroseas will operate a fleet of 20 containerships, comprising 14 feeder vessels and six intermediate-sized containerships, with a combined capacity of 58,588 TEU.
The company also has 12 vessels under construction, consisting of four intermediate containerships and eight feeder vessels, scheduled for delivery between 2027 and 2029.
Once all these newbuildings are delivered, Euroseas expects its fleet to reach 32 vessels with a total carrying capacity of 94,840 TEU.
The latest transactions combine additional charter employment for an existing vessel with the planned disposal of another older containership, while the company continues its fleet expansion programme.
