Euroseas orders three 1,800 TEU feeder containerships

Euroseas chairman and CEO Aristides Pittas: “Undoubtedly, the containership markets continue to show their strength and momentum."

Athens-headquartered Euroseas Ltd. (NASDAQ:ESEA) reports that it has signed a contract for the construction of three 1,800 TEU eco-design fuel efficient feeder containerships.

The vessels will be built at Hyundai Mipo Dockyard Company in Korea at a total price of $102 million for the three. Deliveries are scheduled for the first half of 2024, one in the first and two in the second quarter of the year.

The total consideration for the construction of the three vessels is approximately $102 million, which the company intends to finance with a combination of debt and equity.

LNG-READY

“We are pleased to announce the ordering of three modern LNG-ready eco-design containerships of 1,800 TEU capacity each in one of the best quality shipbuilders in the world, the same yard where our previous orders for four 2,800 TEU vessels were placed,” said Euroseas Chairman and CEO Aristides Pittas. “This order continues our strategy to further grow Euroseas in a manner that exploits the relative attractiveness of the newbuilding prices as compared to the price of secondhand vessels; furthermore, it builds on our commitment of having an environmentally friendly fleet and contributing to the de-carbonization effort of our industry. In a quite turbulent and uncertain economic and geopolitical environment, we remain very optimistic about the prospects of the container market. We look forward to welcoming all our seven newbuildings into our fleet over the next two and half years creating a fleet line-up focused on the most commercial sizes of the feeder sector.”