Nasdaq-listed Greek owner Euroseas has locked in a higher-paying charter for one of its feeder ships, underlining continued strength in the smaller boxship segment.

The company said its 2007-built, 3,100 teu EM Kea has secured a time charter extension for a minimum of 36 months, with an option to stretch to 38 months, at a rate of $30,000 per day.

The new contract will start on July 14, 2026, in direct continuation of the vessel’s current employment, marking a sharp jump of close to 60% from its existing rate of $19,000 per day.

Chairman and chief executive Aristides Pittas said: “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 latest deal adds forward earnings visibility for Euroseas, which continues to build out its charter cover across the next few years. Pittas said the company should see about $22.5m of EBITDA over the minimum contracted period, while the charter coverage for 2026, 2027, and 2028 has been increased to about 91%, 76% and 44%, respectively.

The owner currently operates a fleet of 21 vessels, made up of 15 feeder and six intermediate containerships with a combined capacity of just over 61,000 teu. With six newbuildings due for delivery across 2027 and 2028, the fleet is set to grow to 27 ships and close to 85,000 teu.