Two from gCaptain. First up the headline story, December 29:
Greek containership operator Euroseas has announced its latest head-turning charters for two of its ships at “more than twice” the rate their existing contracts, highlighting the continued strength of the containership market.
The company announced Wednesday that its 2,556 TEU MV M/V “Evridiki G”, built in 2001, entered into a new charter contract for between 36 and 38 months at a daily rate of $40,000. Meanwhile, its MV EM Corfu, of the same capacity and age, has been chartered for between 36 and 38 months also at a daily rate of $40,000. The charters are expected to begin February 1, 2022 and following a dry-docking period in mid-February 2022, respectively.
“We are very pleased to announce new charters for two of our vessels for periods of at least three years each at rates more than twice the levels of their existing employment,” said Euroseas Chairman and CEO, Aristides Pittas. “The new charters secure a minimum of $85m of contracted revenues and are expected to make an annualized EBITDA contribution in excess of $22.3m combined which is about $19m (or, at least, seven times) higher than their joint contribution over the last twelve months of about $3m. These new charters significantly improve both our profitability and cash flow visibility with our charter coverage for 2022 now exceeding 85% and for 2023 55%.”....
....MORE, including a short term $200,000/day deal. WTH?
And December 31, Reuters via gCaptain:
IKEA Raises Prices Amid Supply Chain Disruptions, Higher Shipping Costs
The world’s biggest furniture brand IKEA is raising prices by an average of 9% as it faces increasing costs in transport and raw materials, the owner of most of its stores worldwide said on Thursday.
IKEA had previously said it was leasing more ships, buying containers and re-routing goods between warehouses to mitigate supply chain disruptions but said it was now having to pass the costs onto customers, as it expected the turbulence to continue.
Ingka Group said prices would go up around 9% on average across its markets, with local variations reflecting different inflationary pressures, including commodity and the supply chain issues.
“Unfortunately now, for the first time since higher costs have begun to affect the global economy, we have to pass parts of those increased costs onto our customers,” Retail Operations Manager Tolga Öncü said.....
....MORE
