Euroseas announces new time charter contract, other developments

Euroseas announced a new time charter contract for its feeder containership, M/V Joanna, built in 1999 with capacity of 1732 teu, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at an average gross daily rate of $16,500. The charter for M/V Joanna will commence after the completion of her scheduled drydock, expected around end of October. The company also announced that on June 24, it took delivery of M/V Stephania K, its second fuel efficient 1,800 teu feeder containership newbuilding, from Hyundai Mipo Dockyard in South Korea. The vessel is equipped with a Tier III engine and other sustainability-linked features including installation of AMP. Following its delivery, M/V Stephania K commenced a 23 to 25 months charter at a rate of $22,000/day. In addition, the company announced that its M/V EM Astoria, a 2,788 teu feeder containership vessel built in 2004, was successfully delivered to its new owners on June 26. As previously announced, the vessel was sold for approximately $10M, resulting in a gain on sale of more than $5.5M or about $0.80/share and having contributed to the company total earnings of about $42.8M since its acquisition in 2017.