Benzinga | Jan 18, 2022 03:42PM EST

Euroseas Enters New Charter For 2004-Built Container Vessel

* Euroseas Ltd. (NASDAQ:ESEA) entered into a new time charter contract for its 2004 built M/V "EM Astoria," vessel for an average daily rate of about $45,000 for the duration of the charter. The new charter will commence in February 2022.

* The time charter contract is for a minimum of thirty-six and a maximum of thirty-eight months, at a daily rate of $65,000 for the first twelve months, $50,000 for the subsequent twelve months, and $20,000 for the remaining twelve to fourteen-month period.

* The new charter secures the company with a minimum of $47 million of contracted revenues and to make a total EBITDA contribution of over $36 million over the three years of the contract.

* The charter also increases Euroseas' charter coverage to about 92% for 2022, more than 60% for 2023, and about 45% for 2024.

* Price Action: ESEA shares are trading higher by 7.53% at $29.85 on the last check Tuesday.