Euroseas signs new building agreements for the acquisition of three fuel efficient 1,800 TEU feeder containerships
Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, has signed a contract for the construction of three 1,800 TEU eco-design fuel efficient feeder containerships, according to the company's release.
The vessels will be built at Hyundai Mipo Dockyard Co. in Korea and are scheduled to be delivered during 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.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. The Company currently has a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Including the three vessel newbuildings announced herein, the Company has a total of seven vessels contracted to be built. On a fully delivered basis, the Company’s fleet will increase to 23 containerships with a cargo capacity of about 66,971 teu.
