Euroseas Agrees Charter and Financing for New Bulker

Euroseas bulkerImage Courtesy: Euroseas

Greek shipowner Euroseas has entered into a time charter contract for its newbuilding vessel, the 82,000 dwt Ekaterini.

Under the agreement, secured through its subsidiary, the company’s 2018-built Kamsarmax bulk carrier has been chartered to a “highly reputable European charterer” for about two years at a gross daily rate of USD 13,000.

The charter will commence upon delivery of the vessel, scheduled to take place on May 7, and is expected to contribute some USD 9 million of net revenues to Euroseas during the contract period.

Additionally, the company has secured a bank loan of about USD 18.4 million to finance the acquisition of the vessel. Proceeds from the loan will enhance Euroseas’ liquidity by about USD 2.2 million after repayment of the last installment to the shipyard and all related expenses with the delivery of the vessel.

“We believe that this fixture will provide us with substantial additional secured cash flow for the next two years, allowing us more flexibility in pursuing further growth opportunities,” Aristides Pittas, Chairman and CEO of Euroseas, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

THE 7TH EDITION OF NAVALIA, INTERNATIONAL SHIPBUILDING EXHIBITION 2018

The event wanted to be from the beginning a reference for the naval sector and to serve as a tool to attract investors and contracts for the industry…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >