Greece-based Euroseas has signed two additional newbuilding contracts, worth around $85m, for a pair of Eco design fuel-efficient containerships.

These ships will be constructed at Hyundai Mipo Dockyard in South Korea and have a carrying capacity of nearly 2,800 twenty-foot equivalent units (TEU) each.

The newbuilds are projected to be delivered in Q4 2023 and Q1 2024.

Euroseas will finance the consideration in debt as well as equity.

Euroseas chairman and CEO Aristides Pittas said: “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 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.

“This order also highlights our aggressive plan to renew our fleet and expand our footprint in the sector while adhering to our commitment for 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.”

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At present, Euroseas’ fleet includes 16 ships, specifically ten feeder and six intermediate containerships, with a total combined cargo capacity of 50,371 TEU.

After receiving the recent orders, the firm’s fleet will expand to 20 containerships and a total cargo capacity of nearly 61,571 TEU.

Last June, Euroseas entered into shipbuilding contracts for two Eco design fuel-efficient containerships.