The 2006-built feeder steps up from $25,000, taking charter cover to about 97% for 2026, 86% for 2027 and 50% for 2028
Euroseas Ltd. (NASDAQ: ESEA) has extended the time charter for its feeder containership Jonathan P at a gross rate of $26,000 per day, for a minimum of 24 months and a maximum of 26 months at the charterer’s option.
The new period begins at the end of October 2026, once the vessel completes its scheduled drydock, and runs in direct continuation of the existing contract. The ship earns $25,000 a day under that charter.
Aristides Pittas, Chairman and CEO of Euroseas, commented:
The charter is expected to generate approximately $12.7 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 97%, 86% and 50%, respectively.
At the second quarter results on August 13, those figures stood at 96%, 81% and 47%. Mr. Pittas called it a profitable rate and pointed to a charter market that has held its ground through the usual summer slowdown and the geopolitical backdrop. Operator demand has stayed strong and vessel availability limited, which continues to firm both rates and contract periods.
Jonathan P was one of three older vessels Mr. Pittas flagged on the August earnings call as opening for rechartering toward the end of the year. He reported interest at two to three years and rates above their previous fixtures. The fleet list attached to the announcement shows the other two, Evridiki G and EM Corfu, still on their existing charters.
The Jonathan P is a 23,732 dwt, 1,740 teu feeder built in 2006. Euroseas operates 21 containerships of 61,144 teu, with 12 newbuildings due between 2027 and 2029 that will take the fleet to 33 vessels and 97,396 teu.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 33 vessels with a total carrying capacity of 97,396 teu.
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