The 1999 and 1997-built ships are fixed in direct continuation, adding $24m of EBITDA over the minimum periods
Euroholdings Ltd. (NASDAQ: EHLD) has agreed time charter extensions for both of its container vessels, at rates well above the levels the ships earn under their existing contracts.
The 1,732 teu feeder Joanna is fixed for a minimum of 30 months, plus up to a further 20 days at the charterer’s option, at a gross daily rate of $24,000. The new period starts on December 2, 2026. The vessel earns $16,500 per day under the charter running to that date, and $9,500 before that.
The 1,439 teu feeder Aegean Express is fixed for a minimum of 24 months and a maximum of 26 months, at the charterer’s option, at a gross daily rate of $20,500. That period begins on January 1, 2027, following a charter at $16,700 per day.
Chairman and Chief Executive Officer Aristides Pittas commented
“We are very pleased to announce the extension of the time charter contracts for our feeder containerships, M/V Joanna and M/V Aegean Express, in direct continuation of their current charters at significantly higher rates than their current contracts.
The two charters are expected to generate $24 million of EBITDA over the minimum contracted period. Charter coverage rises to 79% for 2026, 48% for 2027 and 47% for 2028.
Mr. Pittas tied the cash flows to the company’s stated growth strategy, which is to build its presence as a product tanker owner.
After the expected delivery of M/V Hellas Fighter, the Euroholdings Ltd. fleet profile will be as follows: Read more:
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About EuroHoldings Ltd.
Euroholdings Ltd. was formed on March 20, 2024, under the laws of the Republic of the Marshall Islands. The Company was incorporated by Euroseas Ltd. (NASDAQ: ESEA, or “Euroseas”) to serve as the holding company of three subsidiaries that were contributed by Euroseas effective January 1, 2025. On March 17, 2025, Euroseas distributed all the shares of Euroholdings to its shareholders thereby spinning off Euroholdings. Euroholdings began trading on NASDAQ Capital Market under the ticker EHLD on March 18, 2025. Euroholdings operations and containership vessels 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 of the vessels. The Company’s product tanker is managed by Latsco Marine Management Inc., an ISO 9001:2015, ISO 14001:2015, ISO 50001:2018, ISO/IEC 27001:2022 and ISO 45001:2018 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management of the tanker vessel. The Company has a fleet of 2 Feeder container carriers with a total carrying capacity of 3,171 TEU and two medium range (MR) product tankers with capacity of 99,994 dwt on a fully delivered basis, following the delivery of M/T Hellas Fighter.
