Euroseas announces one-year time charter period agreement for container ship

Euroseas, a provider of seaborne transportation services, has announced that its subsidiary has entered into one-year time charter period agreement for one of its containership vessels, the M/V Jonathan P.

The M/V 'Jonathan P', a 1,932teu handysize container ship, will enter a time charter agreement for about one-year at a gross daily rate of $16,500. The new charter will commence upon completion of its present charter on or about April 15, 2008. The vessel will be renamed as per the charter contract.

Following this charter, approximately 73% of Euroseas total fleet days in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

Aristides Pittas, chairman and CEO of Euroseas, said: We are very pleased to announce that we have secured one of our containerships on a profitable time charter which is above the rate recently achieved for the sister vessel M/V 'Despina P,' indicating the recovery of charter rates after the traditionally slow Christmas holiday season.

Source: Datamonitor