Euroseas Agrees Charter and Financing for New Bulker

financingIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

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>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 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 4 5

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >