Euroseas Finds Work for Its Only Non-Feeder Unit

Greek ship owner and operator Euroseas has secured a charter contract for its 5,600 TEU container vessel, the Akinada Bridge.

Built in 2001, the ship would be deployed on the charter for a minimum of ten and maximum of thirteen months at a daily rate of USD 16,500.

Euroseas said that the charter would commence upon completion of the vessel’s special survey and drydocking and the installation of a ballast water treatment plant at a total cost of about USD 2.5 million.

The company added that it expects to fully recover the above-mentioned cost over the duration of the charter and to finance it via a loan from an entity affiliated with the company’s CEO.

“The strength of the intermediate size containership market has provided us with an opportunity to charter our only non-feeder vessel at rates that justified the investment required to complete the fourth special survey of the vessel and installation of a BWT plant. After the completion of the announced charter, we expect to have the vessel available for employment until its fifth special survey due date, i.e. for four additional years, with minimal incremental investment required beyond its operating cost,” Aristides Pittas, Chairman and CEO of Euroseas, said.

“We are cautiously optimistic about the prospects of the containership market across all segments as fleet growth over the next couple of years is expected to be low by recent trends.”