25-Year-Old Boxships Still Fetch $62,500 a Day as Owners Split on Scrapping

A 25-year-old feeder has just been fixed at $62,500 per day — more than double the rate the same vessel commanded two years ago. Euroseas announced on 19 October 2026 a time charter for the 2,556 TEU EM Corfu, built in 2001, at a gross daily rate of $62,500 for a minimum of 12 and up to 14 months at the charterer's option. The deal begins in mid-December, after the ship completes scheduled dry-docking.

The figure stands against the $28,000 per day agreed in November 2024, when Euroseas extended the vessel's employment for 18–20 months. The gap between the two gross rates is roughly 123%, though the comparison covers separate contracts rather than an equivalent jump in operating profitability. Euroseas estimates the new charter will generate about $17.8 million in EBITDA over its minimum duration — a striking sum for a feeder now entering its third decade of service.

How strong is the market for ageing tonnage?

The EM Corfu is not an isolated case. According to the October 2026 edition of DynaLiners Monthly, the 2001-built, 5,400 TEU Cosco Hamburg was fixed to COSCO Shipping Lines at $35,000 per day for 36 months. The 2002-built, 4,300 TEU Algeciras Express secured an identical commitment: 36 months at $35,000 per day, also to COSCO Shipping Lines.

Differences in vessel specifications, operating capabilities and contract terms limit direct comparison between fixtures. What they demonstrate is that charterers will lock in older tonnage for three-year periods, securing capacity without the capital cost of ownership. For owners, such agreements offer multi-year revenue visibility.

Charter or sell: what does the Euroseas decision show?

Euroseas answered the retain-or-dispose question in both directions within a single announcement. Alongside the EM Corfu charter, the company agreed to sell its sister vessel, the 2,556 TEU Evridiki G, also built in 2001, for approximately $26 million. The sale had not closed at the announcement; delivery to an unrelated buyer was expected after the vessel's existing charter ends in late October 2026. Euroseas anticipates booking a gain of roughly $22.5 million on the transaction.

Two sister ships, the same age and capacity, produced two opposite commercial outcomes. The distinction matters because charter revenue and second-hand asset value are different financial propositions. A vessel earning strongly with contracted future employment is attractive to keep; a favourable price may persuade an owner to cash out rather than fund continued operation. Headline rates and sale prices alone cannot settle the question — operating expenses, maintenance, financing costs, dry-docking outlays and remaining useful life all enter the calculation.

Why do special surveys decide so much?

For containerships approaching 25 years, major inspections and their associated costs weigh heavily on commercial decisions. Euroseas signalled this in November 2024, explaining that the EM Corfu and Evridiki G employments would run towards the vessels' fifth special surveys, when economics would be weighed against inspection and dry-docking costs. The October 2026 announcements show how differently those assessments can end: one ship re-enters service after dry-docking, the other exits the fleet through sale. The cases do not prove every ageing vessel survives its fifth survey, but they show age alone cannot be the deciding factor.

What does fleet growth mean for older ships?

The backdrop is relentless fleet expansion. DynaLiners reports 35 containerships totalling 212,500 TEU delivered in the month preceding its October 2026 edition. Seventeen of those vessels exceeded 4,000 TEU, together adding 176,600 TEU, including the 24,200 TEU CMA CGM Orsay, the 16,600 TEU Ever Eclat and the 16,200 TEU CMA CGM Alceste.

Those are gross additions; net growth depends on recycling and removals. Citing BIMCO, Container News reported global capacity approaching 34 million TEU in September 2026, with nearly 2,000 vessels totalling more than 5 million TEU at least 20 years old — a large potential recycling pool whose withdrawal timing remains uncertain. Large ships and feeders serve different trades, so capacity growth in one segment does not automatically squeeze another.

The balance of future charter earnings, maintenance spending and second-hand values will decide how long this cohort keeps working as newbuildings continue to arrive.