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28 June 2022 The on-line newspaper devoted to the world of transports 14:56 GMT+2

May 24, 2022

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Original news
Euroseas predicts that the container rental market will continue to be supported in the short to medium term

On the after weighing the unknowns of the impact of the war in Ukraine, inflation, emission standards of ships and deliveries of new container vessels

Euroseas, a company based in the Marshall Islands that owns a fleet of feeder container carriers that are placed on rental in primary shipping companies, filed the first quarter of 2022 with record financial performance. Base time charter revenues amounted to 47.1 million, an increase of +215,9 percent over the first three months of last year. Operating profit amounted to 28.6 million (+ 615.4%) and net profit to 29.9 million (+ 689.9%).

Currently the Euroseas fleet consists of 18 container vessels for a total load capacity equal to 59mila teu. The company has orders for the construction of another nine feeder aircraft carriers of the overall capacity of more than 22mila teu that will be taken in delivery between the first quarter of 2024 and the last quarter of the following year.

"Despite their recent small touches, the president and CEO of Euroseas, Aristides Pittas, commented on the results achieved in the first quarter of 2022-the rental installments of the feeder container carriers remained in place." at levels close to historic highs, resulting in increased profitability for Euroseas. In parallel, expectations of continued strengthening of the rental market have allowed us to rent the first two of the nine ships of the new construction programme at fares that will enable us to fully recover their costs of construction in the three years ' duration of rentals. " These are two full 2,800-teu containers that Euroseas will take in delivery in the first and second quarters of 2023 and have already been placed to rent respectively until March and June of 2026 with a 48,000 dollari/day nl instalment.

Looking ahead, Pittas noted that, " if the inefficiencies of the transport system caused by the Covid pandemic persist, which concretely reduce the supply of ships, uncertainties have been introduced by the ongoing Ukraine-Russia conflict and from rising levels of inflation that could affect economic growth and, therefore, the demand for maritime transport. " We expect the market to continue to be solid in the short and medium term, and we are monitoring the trends mentioned that, together with new regulations on greenhouse gas emissions and the expected increase in the deliveries of new ships, will give shape to our markets. "

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