View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 2, 2017

Euroseas and Jiangsu Yangzijiang Shipbuilding finalise new deal to build drybulk carrier

Greece-based shipping company Euroseas has signed an addendum to its newbuilding contract with China's Jiangsu Yangzijiang Shipbuilding.

Greece-based shipping company Euroseas has signed an addendum to its newbuilding contract with China’s Jiangsu Yangzijiang Shipbuilding .

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

The deal was originally signed in 2014, and will see Euroseas now build the Kamsarmax drybulk carrier at a discounted purchase price. The new agreement has reduced the remaining payments for the vessel by more than 10% to $22.5m.

Te eco-design, fuel-efficient Kamsarmax carrier will feature 82,000dwt capacity and will be delivered by June next year.

Euroseas chairman and CEO Aristides Pittas said: "We are pleased to proceed with the building of our second Kamsarmax bulker, which is a sister ship to our M/V Xenia built by the same yard in 2016. M/V Xenia has operated very efficiently and economically in our fleet for more than a year.

"We are pleased to proceed with the building of our second Kamsarmax bulker, which is a sister ship to our M/V Xenia built by the same yard in 2016."

“The reduction in the contract price, coupled with the recovery we see taking place in the drybulk market, has made this investment very attractive, prompting us to forgo an option to terminate the contract but rather proceed with the building of the vessel.

“We look forward to continuing the expansion and renewal of our fleet in both the drybulk and containership sectors at a time when a strong recovery in rates and values has been observed in the drybulk sector, and we are starting to see signs of stabilization and recovery in the containership sector as well.”

The company currently has a fleet of 13 vessels, including one Kamsarmax drybulk carrier, three Panamax drybulk carriers, one Ultramax drybulk carrier, one Handymax drybulk carrier and seven Feeder containerships.

Euroseas will have seven drybulk carriers with an estimated total cargo capacity of 499,753dwt once delivery of the new Kamsarmax vessel is complete.


Image: A bulk carrier at sea. Photo: courtsey of Nsandel at English Wikipedia.

Related Companies

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology