Euroseas Orders Trio of 1,800 TEU Feeder Ships

Shipowner Euroseas announced on Monday it has signed a contract for the construction of three 1,800 TEU feeder containerships from Hyundai Mipo Dockyard Co. in South Korea.

The vessels are scheduled to be delivered during the first half of 2024, including one in the first and two in the second quarter of the year.

Euroseas said it expects to finance the approximately $102 million total consideration for the construction of the three vessels with a combination of debt and equity.

Aristides Pittas, chairman and CEO of Euroseas, said, "We are pleased to announce the ordering of three modern LNG-ready eco-design containerships of 1,800 teu capacity each in one of the best quality shipbuilders in the world, the same yard where our previous orders for four 2,800 TEU vessels were placed.

"This order continues our strategy to further grow Euroseas in a manner that exploits the relative attractiveness of the newbuilding prices as compared to the price of secondhand vessels; furthermore, it builds on our commitment of having an environmentally friendly fleet and contributing to the de-carbonization effort of our industry.

"In a quite turbulent and uncertain economic and geopolitical environment, we remain very optimistic about the prospects of the container market. We look forward to welcoming all our seven newbuildings into our fleet over the next two and half years creating a fleet line-up focused on the most commercial sizes of the feeder sector."