Greek shipping company Euroseas has entered into a contract to build two Ultramax drybulk carriers for a purchase price of $56m.

To be built at Yangzhou Dayang Shipbuilding, a member of the Sinopacific Shipbuilding Group, the carrying capacity of the vessels will be 63,500dwt each.

Euroseas chairman and CEO Aristides Pittas said that the deal underlines the company’s strategy of conservative growth and renewal of its fleet.

"Both vessels are of eco-design and we expect them to have an additional competitive advantage in the marketplace," Pittas added.

"This contract heralds the further growth of our company alongside the gradual recovery of the markets that we expect."

The first vessel is expected to be delivered during the fourth quarter of 2015, followed by the delivery of the second one in the first quarter of 2016.

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By GlobalData

Founded on 5 May 2005, Euroseas is an owner and operator of drybulk carriers and container vessels. It also provides seaborne transportation for dry bulk and containerised cargoes.

Operations of the company are managed by Eurobulk, an affiliated ship management company responsible for the day-to-day commercial and technical management and operations of the vessels.

Euroseas maintains a fleet of 14 vessels, including three Panamax drybulk carriers and one Handymax drybulk carrier, three Intermediate containership, five Handysize containerships and two Feeder containerships.