According to Splash247, Nasdaq-listed Greek containership owner Euroseas has extended the charter of its 1,740 teu (twenty-foot equivalent unit) vessel Jonathan P for another two years at $26,000 per day. The new fixture is a direct continuation of the vessel's current employment at $25,000 per day, giving the owner a higher day rate on the same hull.
Two-Year Charter Extension
Splash247 reported the 2006-built Jonathan P has been fixed for a minimum 24 and maximum 26 months at the charterer's option, starting at the end of October following a scheduled drydocking. The charterer can therefore keep the vessel for at least two years, with an option to extend by up to two additional months. Because the new charter starts after a scheduled drydocking, the ship will undergo required maintenance before it begins its next employment.
The deal is structured as a direct continuation of the vessel's existing charter, meaning the same employment continues without a gap in service. The day rate rises from $25,000 to $26,000 , a $1,000 per day increase.
| Charter detail | Figure |
|---|---|
| Vessel | Jonathan P |
| Year built | 2006 |
| Capacity | 1,740 teu |
| Current day rate | $25,000 |
| New day rate | $26,000 |
| Minimum charter period | 24 months |
| Maximum charter period | 26 months (charterer's option) |
| Start date | End of October, after drydocking |
Coverage and EBITDA Outlook
Euroseas said the minimum period should generate about $12.7m in EBITDA (earnings before interest, taxes, depreciation, and amortization), according to Splash247. The owner also said the extension leaves the company with around 97% of its available days covered for the remainder of 2026, 86% for 2027 and 50% for 2028.
The minimum period should generate about $12.7m in EBITDA and leaves the company with around 97% of its available days covered for the remainder of 2026, 86% for 2027 and 50% for 2028.
| Coverage period | Share of available days covered |
|---|---|
| Remainder of 2026 | ~97% |
| 2027 | ~86% |
| 2028 | ~50% |
Fleet and Newbuild Pipeline
The Aristides Pittas-led owner currently operates 21 ships on the water totalling just over 61,000 teu and has another 12 vessels under construction for delivery between 2027 and 2029, according to Splash247. Euroseas has continued to build out its feeder fleet this year. Splash reported in April that the company was linked to a pair of 1,800 teu newbuilds at CIMC SOE in China, following an earlier order for two 2,800 teu high-reefer vessels at Huanghai Shipbuilding.
The newbuild pipeline spans both standard feeder tonnage and reefer-heavy ships. The 2,800 teu vessels are described as high-reefer units, meaning a larger share of their capacity is equipped for temperature-controlled cargo. The reported 1,800 teu pair would add smaller feeder capacity if the order is confirmed.
Key Facts
- The charter rate increases to $26,000 per day from $25,000 per day on the same vessel.
- The minimum 24-month term is expected to generate about $12.7m in EBITDA, according to Euroseas as reported by Splash247.
- Fleet coverage stands at ~97% for the remainder of 2026, ~86% for 2027 and ~50% for 2028.
- Euroseas has 21 ships in operation totalling just over 61,000 teu and 12 ships on order for delivery in 2027–2029.
- The company was linked in April to 1,800 teu newbuilds at CIMC SOE and previously ordered 2,800 teu high-reefer ships at Huanghai Shipbuilding, Splash247 reported.
Contracted Revenue Visibility
The extension is a direct continuation of the vessel's current employment, meaning the charterer and service remain in place without interruption. Euroseas has disclosed fleet-wide coverage of 97% for the remainder of 2026, 86% for 2027 and 50% for 2028, according to Splash247. This multi-year fixture locks in the 1,740 teu feeder for at least 24 months, providing the owner with a predictable revenue stream through the minimum charter period and reducing the vessel's exposure to the spot market during that time.
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