Euroseas welcomes its first eco feeder from nine-vessel newbuilding program

Greek shipowner and operator Euroseas has taken delivery of its M/V Gregos, an eco 2,800 TEU feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea.

Illustration; Image by Offshore Energy

The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability-linked features including alternative maritime power (AMP), enabling the vessel to turn off its auxiliary diesel engines while docked, reducing up to 95% of air emissions.

The vessel is the first out of a nine-vessel newbuilding program which includes five additional 2,800 TEU and three 1,800 TEU fuel-efficient, eco-design vessels with Tier III engines.

Euroseas financed the acquisition 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, Oman’s dedicated container service linking the Arabian Peninsula with the Indian subcontinent.

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,” Aristides Pittas, Chairman and CEO of Euroseas said.

“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.

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Euroseas has a fleet of 18 vessels, including 11 Feeder and 7 Intermediate containerships, totaling in 56,061 TEU cargo capacity. On a fully-delivered basis, the company’s fleet will increase to 26 containerships.

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