Euroseas Ltd. Announces One-Year Time Charter Contract And Completion Of Retrofits For Its Intermediate Containership, M/V Synergy Antwerp At A Gross Daily Rate Of $26,500
Portfolio Pulse from Benzinga Newsdesk
Euroseas Ltd. (NASDAQ:ESEA) announced a one-year time charter contract for its containership, M/V Synergy Antwerp, at a daily rate of $26,500, starting April 2, 2024. The ship underwent retrofits, including energy-saving devices, expected to reduce CO2 emissions by 9,800 metric tons annually. These upgrades are part of Euroseas' efforts to modernize its fleet and reduce its carbon footprint. The charter is expected to contribute about $6.5 million of EBITDA and increases Euroseas' 2024 charter coverage to 80%.
April 02, 2024 | 1:03 pm
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Euroseas Ltd. announced a profitable charter contract for M/V Synergy Antwerp, expected to contribute $6.5 million of EBITDA and increase 2024 charter coverage to 80%.
The announcement of a profitable charter contract at a rate significantly higher than previous contracts, along with the completion of retrofits aimed at reducing CO2 emissions, positions Euroseas Ltd. (ESEA) positively in the short term. The expected contribution of $6.5 million to EBITDA and the increase in charter coverage to 80% for 2024 indicate strong financial performance and operational efficiency, likely leading to positive investor sentiment.
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