Euroseas announces charter for container vessel M/V Akinada Bridge
Euroseas announced its container vessel, M/V "Akinada Bridge", with capacity of about 5,600 teu and built in 2001, has entered into a charter contract of minimum duration of ten months and maximum duration of thirteen months at a daily rate of $16,500. The charter will commence upon completion of the vessel's special survey and drydocking and the installation of a water ballast treatment plant at a total cost of about $2.5M. The Company expects to fully recover the above-mentioned cost over the duration of the charter and will finance it via a loan from an entity affiliated with the Company's CEO. The loan ranks below the other indebtedness of the Company, is convertible to equity under certain conditions at the option of the Company or the lender, and will be repaid within a year after the completion of the drydocking. The terms of the loan have been approved by an independent committee of the Board of Directors of the Company.