Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has secured a charter contract extension for its 3,100 teu feeder containership EM Kea (built in 2007) with a “top-class charterer” at a profitable rate.

The company said the charter extension for its feeder containership covers a minimum period of 36 to a maximum period of 38 months, at the charterer’s option, at a gross daily rate of $30,000.

The new charter period will begin on July 14, 2026, in direct continuation of its present charter, and represents a daily increase of close to 60% over the vessel’s current rate.   

According to Euroseas’ chief, the charter is expected to generate about $22.5m of Ebitda over the minimum contracted period and increases the company’s charter coverage for 2026, 2027, and 2028 to about 91%, 76% and 44% respectively.

Aristides Pittas, chairman and chief executive officer of Euroseas, said: “We are very pleased to announce that we have extended the time charter contract for our 2007-built EM Kea with a top-class charterer, in direct continuation of its present charter, for a period of 36 to 38 months at a profitable rate of $30,000 per day.”

“This fixture demonstrates the ongoing shortage of prompt tonnage, which along with macroeconomic disruptions and continued uncertainty caused by the war in the Middle East, continue to sustain the firmness of the containership charter market. The three-year charter extension also reflects the strong collaboration between us and the charterer and, we believe, underscores the mutual confidence and trust between our companies,” he added.

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 two feeder containership newbuildings in 2027 and 2028, respectively, Euroseas’ fleet will consist of 27 vessels with a total carrying capacity of 84,676 teu.