Euroseas Ltd. Announces Order for the Construction of Two Additional 4,300 TEU Containerships
Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today that it has signed a contract for the construction of two additional modern fuel-efficient 4,300 teu container vessels to be built at Jiangsu New Yangzi Shipbuilding CO., in China. The vessels are scheduled to be delivered in March and May of 2028. The total consideration for each of these two newbuilding contracts is approximately $59.25 million and will be financed with a combination of debt and equity.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce the ordering of two additional 4,300 teu containership vessels, sisterships to the two we ordered in October of 2024. We are committed to growing and modernizing our fleet and believe that investing in eco intermediate-sized containerships, a segment with a low orderbook and an ageing existing fleet, represents a sound investment strategy. This ensures that we are well-positioned to capitalize on future market opportunities and continue creating long-term value for our shareholders beyond the next few years, which are already secured through our current charter arrangements.”
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 150 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 has a fleet of 22 vessels, including 15 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,494 teu. After the sale of M/V Marcos V and the delivery of the four intermediate containership newbuildings in 2027 and 2028, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 78,344 teu.
Source: Euroseas Ltd.
