Euroseas has announced a new charter for its older and smaller feeder containership, the M/V Aegean Express.
The charter of M/V Aegean Express has been renewed in direct continuation of its existing charter for a minimum of 10 months and a maximum of 12 months, at a daily fee of $16,700.
The company recently announced plans to spin off its oldest three vessels, M/V Aegean Express, M/V Diamantis P, and M/V Joanna, into a new business, Euroholdings Ltd., which has sought to be listed on the NASDAQ Capital Market.
Additionally, Euroseas will contribute the three vessels to Euroholdings in exchange for 100 per cent of the shares of Euroholdings which it will then distribute to its shareholders.
According to the shipping firm, there can be no assurance that the spin-off transaction will ultimately occur or, if it does occur, what its structure, terms or timing will be.
Aristides Pittas, Chairman and CEO of Euroseas commented: “Euroholdings shares represent only about 5 per cent of our Euroseas’ NAV estimate, so the spin-off is not expected to have any material impact on Euroseas and its overall strategy. At Euroseas, we plan to continue taking advantage of growth opportunities as they may present themselves while continuing our high quarterly dividend distributions based on our strong capital structure and forward charter cover.
“Furthermore, Euroseas intends to continue with its stated strategy of modernising its fleet as we have demonstrated over the last couple of years by placing orders for 11 newbuilding vessels, seven of which have been delivered in 2023 and 2024, two are slated for delivery in early January 2025 and the remaining two in 2027.”
In November 2024, Euroseas Ltd. announced new time charter contracts for its 2001-built 2,556 TEU feeder containerships EM Corfu and Evridiki G, which are a direct continuation of their previous contracts.