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May 17, 2022

Euroseas orders additional feeder boxships in South Korea

Delivery of the two fuel-efficient containerships is planned for Q4 2024.

Greece-based shipping company Euroseas has exercised its option for the construction of two additional eco-design containerships.

Scheduled to be delivered in Q4 2024, the two fuel-efficient containerships will have a total carrying capacity of 2,800 twenty-foot equivalent units (TEU) each.

The contract value stands at around $86m and will be funded using debt as well as equity. The vessels will be constructed at Hyundai Mipo Dockyard in South Korea.

This latest order follows an order by Euroseas for two sisterships for around $76m placed in June 2021 as well as another pair for $85m placed in January this year.

Euroseas also placed an order for another three 1,800TEU liquefied natural gas (LNG)-ready boxships to be built at the same shipyard.

Euroseas chairman and CEO Aristides Pittas said: “We are pleased to announce the ordering of two additional modern eco-design 2,800TEU vessels in one of the top quality shipbuilders in the world.

“The current contracts, along with the orders we placed previously, bring our newbuilding programme to nine vessels and solidify our presence in the large feeder containership sector.

“It further highlights our commitment for an environmentally friendly fleet. With our earnings visibility well into 2025, we believe that investing in modern new vessels makes good use of the cash flow that our existing vessels generate and positions Euroseas to benefit from upcoming market developments, especially, as related to new environmental regulations for the benefit of our shareholders.”

Furthermore, the six 2,800TEU containerships will receive upgraded engines and be LNG-ready where possible.

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