Euroseas Ltd. Announces Time Charter Contract for its Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Monica and Financing of M/V Monica and M/V Stefania K
Euroseas Ltd. has recently announced a time charter contract for its newbuilding fuel efficient 1,800 teu feeder containership, M/V Monica. The contract is expected to last for a minimum of 10 to a maximum of 12 months, at the option of the charterer, with a gross daily rate of $16,000. The vessel is currently under construction and is anticipated to be delivered from the shipyard around mid-May 2024. The financing for the acquisition of M/V Monica and its sister ship M/V Stefania K has been secured through a combination of own funds and a US$22.5 million loan provided by the National Bank of Fujairah. The delivery of M/V Stefania K is expected in mid-June.
The announcement comes as Euroseas Ltd. reports a strong performance in its fourth quarter of 2023, with a return on asset (ROA) of 26.97%. This surpasses the company’s average return on assets of 10.85%.
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