Benzinga | Sep 8, 2021 03:00PM EDT

Euroseas Enters Charter Contract For M/V Synergy Oakland Vessel

* Euroseas Ltd. (NASDAQ:ESEA) announced a new time charter contract for its container vessel M/V Synergy Oakland.

* M/V Synergy Oakland, a 4,250 TEU vessel built in 2009, entered into a time charter contract for a period between a minimum of sixty days and a maximum of eighty-five days, at a gross daily rate of $202,000 or $195,000 depending on the delivery location.

* The new rate will commence in the second half of October 2021, when the vessel is redelivered from its current charter.

* This new charter secures a minimum of $12 million of contracted revenue over two months and, possibly, up to $17 million if the maximum period of the charter is chosen.

* Price Action: ESEA shares are trading higher by 7.74% at $24.78 on the last check Wednesday.