Euroseas Orders Two Feeder Containerships from Hyundai Mipo

Greek shipowner Euroseas announced on Tuesday it has signed a contract for the construction of two additional 2,800 TEU containerships from at Hyundai Mipo Dockyard Co. in South Korea.

The Eco design fuel efficient newbuilds are scheduled to be delivered during the fourth quarter of 2023 and first quarter of 2024, respectively. They will be sister ships to a pair of vessels ordered by Euroseas in June 2021.

The total consideration for the two latest newbuilds is approximately $85 million, and Euroseas said it will be finance the deal through a combination of debt and equity.

Aristides Pittas, Euroseas chairman and CEO, said, "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.

"This order also highlights our aggressive 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 modern 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, and we believe that our newbuilding program will further bolster the prospects of our company for the benefit of our shareholders."