“We are very pleased to announce new charters for two of our vessels for periods of at least two and three years, respectively, at rates more than twice the levels of their existing employment. The new charters secure a minimum of $40m of contracted revenues and make an annualized EBITDA contribution of approximately $11.5m which is about $9.0m higher than, or 4.5 times, their present contribution of about $2.5m, significantly improving our profitability and cash flow visibility," said Aristides Pittas, chairman and CEO of Euroseas.

The current charterer has expanded the 2007-built 3,091 teu EM Kea for a span of between 25 and 28 months at a regular rate of $22,000. The new rate will take effect on April 25, around two months before the current charter expires.

Meanwhile, the 4,253 teu Synergy Busan, which was founded in 2009, has signed a new time charter contract for 36 to 40 months at a regular rate of $25,000. Between June 9 and August 9, the vessel is scheduled to begin the charter.

Maritime Business World