NASDAQ-LISTED Greek boxship owner Euroseas has entered a time charter contract for a newbuilding feeder boxship currently under construction.

Euroseas won a charter for the 1,800 TEU Pepi Star for a minimum period of 23 to a maximum period of 25 months at the charterer's discretion, at a gross daily rate of US$24,500.

The new charter with the undisclosed client will begin on or about June 19, 2024, upon delivery of the vessel from the shipyard, reports Singapore's Splash 247.

According to the company, this charter is expected to contribute about $12.3 million in EBITDA for the minimum contracted period. Also, it boosts Euroseas' 2024 charter coverage to about 91 per cent.

"This rate represents a 10 per cent increase compared to our fixture of its sister vessel, Stephania K, at $22,000 just a week ago, a clear indication of the continuously strengthening rates of the containership charter market during the last months," said Aristides Pittas, chairman and CEO of Euroseas.

The Greek firm has a fleet of 22 vessels on the water and an additional four under construction the last of which will be delivered in the fourth quarter of 2024.