Euroseas Orders CROWN 63 Pair

Euroseas Ltd. has signed a contract with Yangzhou Dayang Shipbuilding Co. Ltd., member of Sinopacific Shipbuilding Group, for the construction of two Ultramax fuel efficient drybulk carriers.

The vessels, with the price tag of approx $56 million, will have a carrying capacity of 63,500 dwt each.

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.”

Delivery of the vessels is scheduled during the fourth quarter of 2015 and the first quarter of 2016, respectively.

CROWN 63,500 DWT BULK CARRIER

Length overall : 199.99m

Breadth: 32.26m

Depth: 18.50m

Scantling Draft :13.30m

Deadweight : 63,500 mt

Service speed : 14.50knots

[mappress]

Press Release, December 3, 2013