Euroseas (ESEA) said late Monday it entered into a two-year time charter contract for its 1,800 twenty-foot equivalent unit feeder containership M/V Monica.

The time charter has a gross daily rate of $23,500 with a minimum period of 24 months to a maximum of 26 months at the option of the charterer.

The new charter period is expected to begin around late April to mid-May, the company added.

Shares of Euroseas were down more than 8% in after-hours trading.