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March 22, 2022

Euroseas awards contracts for three fuel-efficient containerships

Delivery of the new feeder containerships is expected in the first half of 2024.

Greece-based shipping company Euroseas has signed newbuilding contracts, worth approximately $102m, for three new fuel-efficient containerships.

The new eco-design fuel-efficient feeder containerships will be constructed at Hyundai Mipo Dockyard in South Korea and each has a capacity of 1,800 twenty-foot equivalent units (TEU).

The containerships are anticipated to be delivered during the first half of 2024.

One vessel will be delivered in the first quarter of 2024 while the other two will be delivered in the second quarter of the same year.

Euroseas noted that it plans to finance the new ships with a combination of debt and equity.

Euroseas chairman and CEO Aristides Pittas said: “This order continues our strategy to further grow Euroseas in a manner that exploits the relative attractiveness of the newbuilding prices as compared to the price of secondhand vessels; furthermore, it builds on our commitment to having an environmentally friendly fleet and contributing to the decarbonisation effort of our industry.

“In a quite turbulent and uncertain economic and geopolitical environment, we remain very optimistic about the prospects of the container market.”

Last month, Euroseas awarded newbuilding contracts for two 2,800 TEU fuel-efficient containerships, which will be constructed at the same dockyard in South Korea.

These containerships are expected to be delivered in the fourth quarter of 2023 and first quarter of 2024.

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