The Greek container ship owner and operator Euroseas has ordered two new eco design fuel efficient boxships from the South Korean shipbuilding company Hyundai Mipo Dockyard.
The newbuildings will have a carrying capacity of approximately 2,800 TEU each, while the first one is expected to be delivered during the fourth quarter of 2023 and the second one during the first quarter of 2024.
The signing of the contract with the South Korean shipyard comes almost eight months after a similar order by Euroseas to Hyundai Mipo Dockyard. “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,” said Aristides Pittas, chairman and CEO of Euroseas.
The total consideration for these two newbuilding contracts is approximately US$85 million and will be financed with a combination of debt and equity.
This order highlights the company’s plan to renew its fleet and expand its footprint in the sector while adhering to its commitment for environmentally sustainable operations, according to Pittas, who commented, “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.”
Pittas added, “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.”
