Euroseas Secures Two-Year Charter Extension for Jonathan P at $26,000 Per Day
Key Takeaways
- •The charter extension covers the 2006-built Jonathan P, a 1,740 teu feeder containership, for a minimum of 24 months and a maximum of 26 months at the charterer’s option.
- •The new rate is $26,000 per day, compared with the vessel’s current $25,000 per day employment.
- •Euroseas expects the minimum charter period to generate about $12.7 million in EBITDA.
- •The deal leaves Euroseas with about 97% of available days covered for the remainder of 2026, 86% for 2027 and 50% for 2028.
- •Euroseas currently has 21 ships in the water and 12 vessels under construction for delivery between 2027 and 2029.
Nasdaq-listed (EASE) Greek containership owner Euroseas has secured a two-year extension of the charter for one of its vessels at a rate of $26,000 per day.
The fixture covers the Jonathan P, a 1,740 teu feeder containership built in 2006. The vessel has been fixed for a minimum of 24 months and a maximum of 26 months at the charterer's option, with the new term beginning at the end of October following a scheduled drydocking. The arrangement is a direct continuation of the ship's current employment, which pays $25,000 per day, a step-up of $1,000 per day for a ship that will be around 20 years old when the new term begins.
Euroseas said the minimum period of the charter should generate approximately $12.7m in EBITDA. The company added that the deal leaves it with around 97% of its available days covered for the remainder of 2026, 86% covered for 2027 and 50% covered for 2028. Coverage of available days measures how much of a fleet's operating time is already committed under contract, giving owners revenue visibility at agreed rates rather than leaving those days exposed to whatever the spot market pays when they are traded.
EBITDA, or earnings before interest, taxes, depreciation and amortization, is a measure of operating profitability commonly used in the shipping industry. Feeder containerships such as the Jonathan P typically operate on short-sea and regional routes, moving cargo to and from major transshipment hubs.
The Aristides Pittas-led owner currently has 21 ships on the water with a combined capacity of just over 61,000 teu, and another 12 vessels under construction scheduled for delivery between 2027 and 2029. The uncovered days in 2027 and 2028, together with the employment of the incoming newbuilds, remain the open items in the fleet's forward book.
Euroseas has continued to build out its feeder fleet this year. As Splash reported in April, the company was linked to a pair of 1,800 teu newbuilds at CIMC SOE in China, following an earlier order for two 2,800 teu high-reefer vessels at Huanghai Shipbuilding.
Source: Splash247
