Euroseas Extends Charter for M/V Jonathan P at $26,000/Day, Adding $12.7M EBITDA
ESEA sits 51% above its 52-week low of $51.
Summary
Euroseas secured a 24-26 month charter extension for its 2006-built feeder containership M/V Jonathan P at a gross daily rate of $26,000, commencing end of October 2026 after dry-dock. The deal is expected to generate approximately $12.7 million in EBITDA over the minimum period and lifts charter coverage to 97% for 2026, 86% for 2027, and 50% for 2028. This follows strong Q2 results reported on August 13 and reflects continued firmness in the feeder charter market despite seasonal slowdown. The extension removes near-term re-charter risk for the vessel and adds visible cash flow at a profitable rate. Watch for further charter announcements as the company continues to lock in coverage for its fleet.
At the time of this announcement, ESEA was trading at $76.79 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $504.9M. The 52-week trading range was $51.00 to $79.67. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.