Euroseas to build two Eco design drybulk carriers

3 April 2014 (Last Updated April 3rd, 2014 18:30)

Greek operator of drybulk carriers and container vessels Euroseas has entered into a deal worth about $60m to construct two Eco design Kamsarmax fuel-efficient drybulk carriers.

Greek operator of drybulk carriers and container vessels Euroseas has entered into a deal worth about $60m to construct two Eco design Kamsarmax fuel-efficient drybulk carriers.

The vessels will be built by Jiangsu Yangzijiang Shipbuilding and each ship will have a carrying capacity of 82,000dwt.

Euroseas CEO and chairman Aristides Pittas said the company is pleased to purchase two more eco-design vessels.

"With this order, we have increased our new-building order book to four vessels, which brings our total fleet to 19 vessels and improves our fleet profile significantly. We believe we are at the start of a strong year for the drybulk market and are positioning Euroseas to take advantage of an improving market," Pittas said.

"Euromar is well capitalised and with its 11-vessel strong fleet ready to take advantage of a recovery in the container market."

Euroseas, through its joint venture Euromar, also purchased a gearless containership M/V Akinada Bridge, for an undisclosed amount.

Built in 2001 in South Korea, the 5,600 twenty-foot equivalent unit (TEU) and 71,366m vessel carries a time charter and is expected to improve Euroseas’ cashflow in the next 2.5 years of its duration.

Pittas said that the joint venture has concluded the purchase and has already taken delivery of M/V Akinada Bridge.

"With containership prices close to their all time lows and secured income for the vessel for the next 2.5 years, this investment has little if no downside and can prove very profitable in a recovering market," Pittas added.

"Euromar is well capitalised and with its 11-vessel strong fleet ready to take advantage of a recovery in the container market, which is bound to occur sooner or later."

The two new-buildings will be delivered in the fourth quarters of 2015 and 2016.