Nasdaq-listed Greek containership owner Euroseas has sealed a new time charter for 2005-built 1,740 teu boxship EM Hydra. 

The vessel has been fixed for a period of 23-25 months, commencing later this month, at a rate of $20,000 per day. The vessel is about to come off a charter at just $7,000 per day.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are pleased to announce the new charter for our vessel, M/V EM Hydra, for a minimum period of 23 months at a rate about two and a half times the level of her current employment. This fixture follows less than a month after our fixture of M/V Joanna, a 1,732 teu vessel built in 1999, that was fixed for a minimum of 18 months at a gross daily rate of $16,800 indicating how strongly the market continues to rise. This new charter will secure a minimum of $13.8m of contracted revenues and makes an EBITDA contribution of approximately $9m.”

There has been no let-up in the booming boxship charter scene with records being broken regularly, not just in prices paid but also durations. The Clarksons Containership Charter Rate Index rose 3% last week to reach 156 points. There have been only eight months on record – across 2004-05 – in which the index has reached a higher level.

Source: Splash247