Euroseas Bags New Charters For Two Container Vessels - Euroseas (NASDAQ:ESEA)

Euroseas Ltd. ESEA entered a new time charter contract for its container vessel M/V "EM Corfu" and an extension of another charter of its container vessel M/V "Evridiki G."
"We are very pleased to announce new charters for two of our vessels for periods of at least three years each at rates more than twice the levels of their existing employment," said Chairman and CEO Aristides Pittas.
The new charters secure a minimum of $85 million of contracted revenues and are expected to make an annualized EBITDA contribution above $22.3 million combined, about $19 million higher than their joint contribution over the last twelve months.
These new charters significantly improve the company's profitability and cash flow visibility, with the charter coverage for 2022 now exceeding 85% and for 2023 exceeding 55%.
Price Action: ESEA shares are trading higher by 3.32% at $23.65 on the last check Tuesday.