Euroseas Secures $27M EBITDA from 2-Year Charter Extensions for Two Feeder Containerships
Summary
Euroseas Ltd. announced 2-year charter extensions for two 1,800 TEU feeder containerships, M/V Stephania K and M/V Pepi Star, at a gross daily rate of $25,500 per vessel. These extensions are expected to generate approximately $27 million in EBITDA over the minimum contracted period. This move significantly increases the company's charter coverage for 2026, 2027, and 2028 to 96%, 86%, and 48% respectively, reinforcing revenue visibility. The CEO highlighted continued strong demand for modern, fuel-efficient tonnage in the current market.
At the time of this announcement, ESEA was trading at $65.21 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $460.1M. The 52-week trading range was $37.40 to $78.76. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.