Euroseas sources say that its subsidiary recently entered a two-year charter agreement for M/V ‘Aristides NP’, which is the 1993-built 69,268 dwt Panamax bulk carrier. The agreement entails a gross daily rate of $18,900. Euroseas owns and operates container vessels and drybulk carriers as well as provides sea transportation for containerized cargoes and dry bulk. The charter agreement is scheduled to come into effect during the end of February and April 2010.
The company expects this new charter agreement to make, during the charter period, a sum of around $13.5 million in gross revenue. Post charter, all of Euroseas’ dry bulk fleet days for the present year [2010] and around 40% for 2011 are tenable under period charters or are already concluded spot charters, Forward Freight Agreements and are thus free from any market fluctuation. With regard to their container fleet the consequent coverage for 2010 stands at 37% and at 16% for 2011. This makes the Euroseas’ combined total fleet coverage for 2010 at 57% and 23% for next year. However, these percentages are not inclusive of extension options, which are held by other charterers.
Aristides Pittas, chairman and CEO of Euroseas, said: “We continue to take advantage of the strength of the drybulk market and we are pleased to announce that we have chartered M/V ‘Aristides NP’ at a favorable rate which enables us to enhance the predictability and strength of our revenues and cash flows. We remain focused in our effort to grow the company and create superior returns for our shareholders.”
