Euroseas Ltd. (ESEA) recently announced extension in time charter contract of its container vessel, C/V Akinada Bridge for a minimum time of twelve more months.

Euroseas is an owner and operator company of container carrier vessels that also provides seaborne transportation for containerized cargoes. In the recent announcement, its container vessel came extending Akinada Bridge is company’s container vessels was built in 2001 and have a twenty-foot equivalent unit (TEU) capacity of about 5,600.

The said C/V has extended time charter contract for 12 more months at least with maximum contract duration of 13 months at a new daily rate of $17,250. The rate will stand effective October 30, 2020. The extended contract has additional charterers option of 10-12 month duration exercisable at a daily rate of $20,000.

Moreover, the charterers of Euroseas’ C/V Synergy Oakland have extended the time charter for another 8-12 months exercising their charterer option. The daily rate of the extended charter will be determined on the basis of same provided by the Contex-4,250 Index less 10%. The new rate will be effective from October 23, 2020. The Contex-4250 index stands at $15,890 as on 10/1/2020, which is subject to revision every Tuesday and Thursday every week.

Euroseas also entered into an agreement to sell C/V Ninos for a gross amount of $2.36 million. The C/V built in 1990 and having a capacity of 1,169 TEU has been sold to scrap. At the time of agreement, vessel was expected to be delivered to buyer by the end of last month.

The strength of the mid-sized containership market has provided Euroseas with an opportunity to extend the charter of its C/V Akinada Bridge. And that too at a rate which will significantly contribute to company’s cash flow for the following year, said Aristides Pittas, Euroseas’ Chairman and CEO of Euroseas