Hyundai Mipo Dockyard Delivers First of Nine New Feeder Ships for Euroseas

Greek shipowner Euroseas announced it has taken delivery of the first in a series of nine new feeder container vessels from South Korea's Hyundai Mipo Dockyard.

The 2,800 TEU Gregos was officially handed over during a ceremony on April 6, and following its delivery, the vessel commenced a 36- to 40-month charter with Oman-based Asyad Lines.

The time charter equivalent (TCE) rate is $48,000 per day. Aristides Pittas, chairman and CEO of Euroseas, said the ship "is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration."

Euroseas said it financed the acquisition via a combination of its own funds and a sustainability-linked loan provided by Eurobank S.A.

The newbuild and eight other vessels in the series are EEDI Phase 3 compliant and equipped with a Tier III engines and other sustainability linked features including alternative maritime power (AMP).

"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," Pittas said. "Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships."

The series' remaining eight vessels, including five additional 2,800 TEU ships and three 1,800 TEU ships, will be delivered through this year and 2024.