Euroseas adds feeder boxships to newbuilding program

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Em Corfu VF

Euroseas has signed a new contract construct two additional fuel-efficient feeder containerships due to be delivered in 2024.

The vessels will have a carrying capacity of about 2,800 TEU each and will be built at Hyundai Mipo Dockyard Co. in South Korea.

The total cost for the two newbuilding contracts is approximately $86 million and will be financed with a combination of debt and equity.

The vessels are sisterships of four other vessels ordered by Euroseas in June 2021 and January 2022. Euroseas has also ordered three 1,800 TEU vessels at the same shipyard.

The company also announced that it intends to upgrade the engines of all of its six 2,800 TEU vessels ordered to Tier III type (from Tier II) and have the ships be LNG-ready where possible for a total incremental cost for all vessels of some $11 million.

Tier III type engines achieve lower Nitrogen Oxide (NOx) emissions. The three 1,800 TEU vessels were ordered with Tier III type engines and are LNG-ready.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the ordering of two additional modern eco-design 2,800 TEU vessels in one of the top quality shipbuilders in the world.

“The current contracts along with the orders we placed previously bring our newbuilding program to nine vessels and solidify our presence in the large feeder containership sector. It further highlights our commitment for an environmentally friendly fleet.

“With our earnings visibility well into 2025, we believe that investing in modern new vessels makes good use of the cash flow that our existing vessels generate and positions Euroseas to benefit from upcoming market developments, especially, as related to new environmental regulations for the benefit of our shareholders.”

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