Euroseas eyes more eco-friendly feeders

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Euroseas

Greek shipping company Euroseas has signed a contract for the construction of two additional eco-design feeder containerships.

The new fuel-efficient vessels are capable of carrying around 2,800 TEU each and are to be built at Hyundai Mipo Dockyard Co. in South Korea.

The vessel contracts cost around $85 million and will be financed with a combination of debt and equity.

The ships are scheduled to be delivered during Q4 of 2023 and Q1 of 2024 respectively and will add to the company’s current fleet of 16 vessels comprising of 10 feeders and six intermediate containerships.

This follows the order of two other fuel-efficient 2,800 TEU feeder vessels that were ordered by Euroseas in June 2021.

“We are pleased to announce the ordering of two additional modern eco-design 2,800 TEU vessels with one of the best shipbuilders in the world. The current contracts, along with an order we placed back in June 2021 for a pair of similar vessels, will allow us to build a strong presence in the large feeder containership sector with a quartet of modern fuel-efficient vessels in our fleet,” said Aristides Pittas, Chairman and CEO of Euroseas.

“This order also highlights our aggressive plan to renew our fleet and expand our footprint in the sector while adhering to our commitment to environmentally sustainable operations. With our earnings visibility well into 2024, we believe that investing in new vessels of modern eco-design makes good use of the cash flow generated by our existing fleet.

“We remain very optimistic about the containership market over the next few years, and we believe that our newbuilding program will further bolster the prospects of our company for the benefit of our shareholders.”

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