Greece-based container ship owner Euroseas is reported to have taken legal action against Singapore-based Continental Shipping Line (CSL) for allegedly failing to honour a time-charter deal agreed in 2022.
Euroseas re-fixed its smallest and oldest vessel, Aegean Express (IMO 9138161), to CSL in February 2022 for a period of 36 to 39 months. The rate was more than two-and-a-half times the previous rate.
In its Q4 results released recently Euroseas said that CSL had in January 2023 “repudiated its charter as the vessel was completing its scheduled drydock.”
Euroseas said that it was looking to re-fix the ship, which meant that the previous deal will most likely be settled in court.
The 25-year-old, 1,439 teu ship, started its contract in April 2022. But container freight and charter markets softened dramatically during the second half of 2022, on into Q4, returning to levels nearer to those in force pre-pandemic.
1997-built, Panama-flagged, 15,095 gt Aegean Express is owned by Jonathan John Shipping ltd care of manager Eurobulk Ltd of Athens, Greece. It is entered with UK Club on behalf of Jonathan John Shipping ltd. As of February 19th it was listed as “Not Under Command”, south-west of Macau, en route from Huangpu, China, to Guangzhou, China.