Euroseas extends charter contracts for two container vessels

Euroseas Ltd. (NASDAQ: ESEA) announced charter contract extensions for two 1,800 TEU container vessels, M/V Stephania K and M/V Pepi Star, according to a company statement.

The extensions cover a minimum period of 24 months to a maximum of 26 months at the charterer's option, with a gross daily rate of $25,500. The new charter periods will begin on July 28, 2026, and August 19, 2026, respectively, continuing directly from current charter contracts.

Both vessels were built in 2024 and constructed by Hyundai. The company operates as an owner and operator of container carrier vessels, providing seaborne transportation for containerized cargo.

"We are very pleased to announce that we have extended the time charter contracts for our Hyundai-built sister vessels, M/V Stephania K and M/V Pepi Star with a top-tier charterer," said Aristides Pittas, Chairman and CEO of Euroseas.

The company stated the charters are expected to generate approximately $27 million of EBITDA over the minimum contracted period for both vessels. Euroseas indicated the extensions will increase charter coverage to about 96% for 2026, 86% for 2027, and 48% for 2028.

The information was provided in a press release statement from the company.

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