10:39 AM EDT, 10/07/2024 (MT Newswires) -- Euroseas ( ESEA ) said Monday it entered a time charter contract for its M/V Jonathan P feeder containership for a minimum of 11 months and a maximum of 13 months at the charterer's option, with a gross daily rate of $20,000.

The charter will start after the vessel's scheduled intermediate survey, expected around mid-to-end of October, Euroseas ( ESEA ) said.

The current charter is anticipated to generate approximately $4 million in earnings before interest, taxes, depreciation, and amortization for the minimum contracted period, increasing Euroseas' ( ESEA ) remaining 2024 charter coverage to about 96% and for 2025 to approximately 52%, the company said.

Euroseas ( ESEA ) shares were up 1.1% in early trading.

Price: 45.05, Change: +0.49, Percent Change: +1.10