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May 4, 2022

Euroseas to buy two Seaspan containerships

The acquired vessels are Seaspan Manila and Seaspan Melbourne.

Greece-based shipping company Euroseas has signed an agreement to purchase two Seaspan intermediate size container vessels for $37m.

These vessels include the 2007-built M/V Seaspan Manila and 2005-built M/V Seaspan Melbourne, both of which have a capacity of 4,250 twenty equipment unit (teu).

Euroseas will use its own funds for the takeovers and also assume the ships’ current charter arrangements.

It anticipates receiving Seaspan Manila, which has a charter contract until February 2025, in July.

Meanwhile, the company expects to receive Seaspan Melbourne in June. This vessel has a charter contract until March 2025.

Euroseas chairman and CEO Aristides Pittas said: “We are pleased to announce the acquisition of M/V Seaspan Manila and M/V Seaspan Melbourne, two intermediate containerships built in 2007 and 2005, respectively, along with their existing approximately two years and three-quarters long charters.

“These charters are expected to contribute in excess of about $20m of EBITDA, bringing the cost basis of the vessels to scrap price levels by the end of the charters while providing a significant contribution to our profitability.”

The shipping firm will have a fleet of 18 containerships on the water after the delivery of the two Seaspan vessels.

Euroseas’ newbuild programme consists of seven feeder boxships, scheduled to be delivered between the first quarter of 2023 and the second quarter of 2024. This will increase its fleet size to 25 with a total capacity of 75,471teu. 

In March, Euroseas entered into $102m worth of newbuilding contracts for three new eco-design fuel-efficient feeder containerships.

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