Euroseas announces delivery of M/V Gregos an Eco 2,800 teu Feeder Containership Newbuilding and Commencement of the Vessel’s Charter

April 12, 2023

Aristides Pittas, Chairman and CEO of Euroseas

Euroseasan owner and operator of container vessels and provider of seaborne transportation for containerised cargoes, announced today that on April 6, 2023, it has taken delivery of its M/V Gregos, an eco 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by Eurobank S.A. Following its delivery, M/V Gregos commenced a thirty-six to forty month charter with Asyad Lines.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to have taken delivery of M/V Gregos, the first vessel from our nine-vessel newbuilding program which includes five additional 2,800 teu and three 1,800 teu units all modern fuel efficient, eco-design vessels with Tier III engines. M/V Gregos has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration.

“Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders.”