Greece-based Euroseas has signed shipbuilding contracts for a pair of Eco design fuel-efficient containerships.

The combined value of the contracts stands at around $76m. The consideration will be funded using debt as well as equity.

With a total carrying capacity of 2,800 twenty-foot equivalent units (TEU) each, the vessels will be constructed at Hyundai Mipo Dockyard in South Korea.

The first vessel is expected to be delivered in the first quarter of 2023 while the other vessel will be supplied in the second quarter of the same year.

Euroseas chairman and CEO Aristides Pittas said: “With this order, we continue our strategy to further grow the company in a manner that creates value for our shareholders and adheres to our environmental, social and corporate governance (ESG) commitment of having a more environment-friendly fleet.

“We remain very optimistic about the prospects of the container market for the next few years and we believe that these two ships will enter our fleet in the first half of 2023 will further bolster the prospects of our company.”

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Pittas also said that the newbuilds will consume 30% less fuel compared with the previous generation non-eco vessels.

In May, Euroseas signed a new time charter contract for its container vessel M/V EM Hydra.

Euroseas owns and manages container vessels as well as offering seaborne transportation for containerised cargoes.

The company’s fleet has 14 ships, including nine feeder containerships and five intermediate containerships.

Its fleet will increase to 16 containerships upon the full delivery of the latest order, with a cargo capacity of around 47,881 TEU.