Euroseas, an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced that it has signed a contract for the construction of two additional Eco design fuel efficient containerships. The vessels will have a carrying capacity of about 2,800 teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The two newbuildings are scheduled to be delivered during the fourth quarter of 2023 and first quarter of 2024, respectively. The total consideration for these two newbuilding contracts is approximately $85 million and will be financed with a combination of debt and equity. The vessels are sisterships of a pair of vessels ordered by Euroseas Ltd. in June 2021.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the ordering of two additional modern eco-design 2,800 teu vessels in one of the top-quality shipbuilders in the world. The current contracts, along with an order we placed back in June 2021 for a pair of similar vessels, will allow us to build a strong presence in the large feeder containership sector with a quartet of modern fuel-efficient vessels in our fleet. This order also highlights our aggressive plan to renew our fleet and expand our footprint in the sector while adhering to our commitment for environmentally sustainable operations. With our earnings visibility well into 2024, we believe that investing in new vessels of modern eco-design makes good use of the cash flow generated by our existing fleet. We remain very optimistic about the containership market over the next few years, and we believe that our newbuilding program will further bolster the prospects of our company for the benefit of our shareholders.”