04:34 PM EDT, 06/18/2024 (MT Newswires) -- Euroseas ( ESEA ) said late Tuesday it has signed a time charter contract for the M/V Pepi Star, a containership under construction.

The contract is for a minimum period of 23 months up to a maximum period of 25 months at a gross daily rate of $24,250, the company said.

The charter will start upon delivery of the ship, which is expected on or about July 19, Euroseas ( ESEA ) said, adding the charter is expected to contribute about $12.3 million of earnings before interest, taxes, depreciation and amortization for the minimum contracted period.