Euroseas to buy two container feeder vessels from Euromar


Greece-based shipowner and operator Euroseas has entered a memorandum of agreement (MoA) with its joint venture Euromar to buy a pair of feeder-size containership vessels, M/V EM Athens and EM Oinousses.

Both vessels were built in 2000 and feature a capacity of 2,506 twenty-foot equivalent unit (TEU) each.

Euroseas has also been granted an option to purchase two additional container vessels from Euromar until 30 September 2017 as part of the new deal.

The first of the additional vessels is the feeder-size containership M/V EM Corfu, which features a 2,556TEU capacity.

The other vessel, M/V Akinada Bridge, is a post-panamax-size container vessel of 5,600TEU capacity.

Both ships were originally constructed in 2001.

The contracted vessels will be acquired for a combined value of around $25m and are expected to be delivered by the fourth quarter of this year.

"The contracted vessels will be acquired for a combined value of around $25m and are expected to be delivered by the fourth quarter of this year. "

The acquisitions will be financed via a combination of debt and equity.

Euroseas chairman and CEO Aristides Pittas said: “We are encouraged by the stronger drybulk and containership markets during the last few months, and we hope to be able to capitalise on the continuing improvement of both sectors for the benefit of our shareholders.”

Euroseas has also purchased 85.714% interest in Euromar for an undisclosed sum, as part of a separate development.

The acquired stake was not previously owned by the company and has enabled Euromar to become a fully owned subsidiary of Euroseas.

In addtion to the vessels sold or set to be sold to Euroseas, Euromar currently owns five vessels, including four feeder containerships and one Intermediate-size containership.

The new deal with Euromar has allowed Euroseas to expand its total fleet to 23 vessels.