Euroseas Inks Contract for Construction of Two Drybulk Carriers

Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that it has signed a contract for the construction of two Ultramax fuel efficient drybulk carriers.

The vessels will have a carrying capacity of 63,500 dwt each and will be built at Yangzhou Dayang Shipbuilding Co., Ltd., member of Sinopacific Shipbuilding Group. Delivery of the vessels is scheduled during the fourth quarter of 2015 and the first quarter of 2016, respectively. The aggregate purchase price of the two newbuilding vessels is approximately $56 million.

Aristides Pittas, Chairman and CEO of Euroseas commented: “The signing of a contract to build two Ultramax drybulk vessels, marks the beginning of a new era for Euroseas. This deal underlines our continued commitment to the drybulk sector and our strategy of conservative growth and renewal of our fleet. We believe that investing in young assets when prices are low is a sound proposition as one is to gain not only from the trading of the ships, but also from possible asset appreciation. Both vessels are of eco-design and we expect them to have an additional competitive advantage in the marketplace. This contract heralds the further growth of our company alongside with the gradual recovery of the markets that we expect. “

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Euroseas, December 3, 2013