Euroseas Ltd. Announces Time Charter Contract For Its Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Monica For 10-12 Months At The Option Of The Charterer, At A Gross Daily Rate Of $16,000 And Financing Of M/V Monica And M/V Stefania K
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Euroseas Ltd. (NASDAQ:ESEA) has entered into a time charter contract for its new 1,800 teu feeder containership, M/V Monica, for 10-12 months at $16,000/day, expected to start in mid-May 2024. The deal is financed partly by a $22.5 million loan from the National Bank of Fujairah. This charter is anticipated to contribute approximately $2.7 million of EBITDA for the minimum period and increases Euroseas' 2024 charter coverage to over 85%. The financing, advised by Alantra DIFC, also covers the sister ship M/V Stefania K, showcasing a commitment to sustainable maritime practices.
May 08, 2024 | 9:51 pm
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POSITIVE IMPACT
Euroseas Ltd. has secured a profitable charter contract for M/V Monica, enhancing its 2024 revenue outlook and demonstrating a strategic move towards sustainable shipping practices with financing from the National Bank of Fujairah.
The announcement of a new charter contract for M/V Monica at a profitable rate, along with the strategic financing partnership for this and the sister ship M/V Stefania K, directly impacts Euroseas' financial outlook and operational strategy. The emphasis on sustainability and the increase in 2024 charter coverage to over 85% are positive indicators for the company's short-term financial health and operational efficiency.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100