SIMIC

GREEK boxship owner Euroseas is pursuing legal action against Singapore-based Continental Shipping Line (CSL) for not honouring a time charter deal agreed upon last year, reports Singapore's Splash 247.
The company re-fixed its smallest and oldest vessel, the 1,439-TEU Aegean Express, to CSL in February 2022 for 36 to 39 months at a rate 257 per cent of the previous rate.
However, in its quarterly results, besides showing a Q4 net profit of US$20.3 million, Euroseas stated CSL had in January 2023 "repudiated its charter as the vessel was completing its scheduled drydock."
The Aristides Pittas-led company added it was looking to re-fix the ship, which means the previous deal will be settled in court.
"In this scenario, owners have the burden of proving that they have suffered losses that cannot be adequately compensated by re-fixing the vessel, eg, where the charter party rate has decreased since the original charter was fixed," said West of England P&I.