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Euroseas further expands fleet with Tokei Kaiun boxship buy – Splash247

Greek boxship owner Euroseas is adding to its fleet with the purchase of the 2005-built post-panamax Leo Paramount from Japanese owner Tokei Kaiun for $40m.

The 6,350 teu vessel should deliver this year and enter into a three-year time charter contract at a daily rate of $42,200, with a possible extension for an additional year at a reduced rate of $15,000 per day. The Nasdaq-listed firm will finance the ship with its own funds and a bank loan and rename it Marcos V after delivery. VesselsValue estimates the vessel’s current market value at $77m.

Aristides Pittas, chairman and CEO of Euroseas, commented: “This acquisition continues our strategy of carefully constructed transactions, minimising the market risk by reducing, by the end of the charter, the cost basis to around its scrap value.” Pittas added that the charter would contribute about $35m during the first three years of the contract.

On a fully delivered basis, Euroseas’ fleet consists of 16 feeder and intermediate containerships with a further two feeder newbuildings on order and expected to deliver in the first half of 2023. In September, the company announced the acquisition of the 2006-built 1,740 teu Piraeus Trader, renamed Jonathan P, from UK owner Lomar Shipping for $25.5m.

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