Euroseas orders LNG-ready feeder ship trio

Greek ship owner and operator Euroseas has ordered three 1,800 TEU liquefied natural gas- (LNG) ready feeder containerships in South Korea.

On 21 March, Euroseas said it signed a contract for the construction of the fuel-efficient vessels with Hyundai Mipo Dockyard (HMD).

The newbuilds are scheduled to be delivered during the first half of 2024 — one in the first and the remaining two in the second quarter of the year.

The total consideration for the construction of the three vessels is approximately $102 million which the company intends to finance with a combination of debt and equity.

The latest order comes only a month after Euroseas placed an order for two 2,800 TEU Eco design fuel-efficient boxships at HMD. The units are sisterships of the two containerships ordered by Euroseas in June 2021.

“We are pleased to announce the ordering of three … 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,” Aristides Pittas, Chairman and CEO of Euroseas commented.

“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 decarbonization 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,” Pittas concluded.

Euroseas currently has a fleet of 16 vessels comprising 10 feeder and 6 intermediate containerships that have a cargo capacity of 50,371 TEU.

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