Euroseas Ltd. announced it has entered into a time charter contract for M/V Monica, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 10 to a maximum period of 12 months at the option of the charterer, at a gross daily rate of $16,000. The new charter will commence upon delivery of the vessel from the shipyard expected around mid-May 2024. The acquisition was financed with a combination of own funds and a USD 22.5 million loan provided by the National Bank of Fujairah.

The same financing is secured for the sister ship M/V Stefania K, which is expected to be delivered in mid-June.