Euroseas orders two more eco-friendly Feedermaxes

Greek ship owner and operator Euroseas has ordered two additional Eco design fuel-efficient containerships from South Korean shipbuilder Hyundai Mipo Dockyard (HMD).

Illustration. Image by Navingo

The vessels will have a carrying capacity of about 2,800 TEU each and are slated for delivery during the fourth quarter of 2023 and first quarter of 2024.

The contract value is approximately $85 million and will be financed with a combination of debt and equity, according to Euroseas.

The units are sisterships of the two containerships ordered by Euroseas in June 2021.

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“We are pleased to announce the ordering of two additional eco-design 2,800 TEU vessels… 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,” Aristides Pittas, Chairman and CEO of Euroseas commented.

“This order also highlights our … 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 … 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,” Pittas concluded.

Euroseas currently has a fleet of 16 vessels comprising of 10 feeder and 6 intermediate containerships, with a cargo capacity of 50,371 TEU. On a fully delivered basis, the company’s fleet will increase to 20 containerships with a cargo capacity of about 61,571 TEU.