Euroseas invests in Eco-efficient boxhip pair

Greek ship owner and operator Euroseas has signed a contract with Hyundai Mipo Dockyard Co. in Korea for the construction of two Eco design fuel-efficient containerships.

The 2,800 TEU vessels are scheduled to be delivered during the first and second quarter of 2023, respectively. The total consideration for these two newbuilding contracts is about $76 million, which Euroseas plans to finance with a combination of debt and equity.

“With this order, we continue our strategy to further grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environment-friendly fleet. In that respect, it is noteworthy that the new vessels will consume about 30% less fuel than the previous generation, non-eco ships,” Aristides Pittas, Chairman and CEO of Euroseas, said.

“We remain very optimistic about the prospects of the container market for the next few years and we believe that these two ships that will enter our fleet in the first half of 2023 will further bolster the prospects of our company.”

For the first quarter of 2021, the company reported total net revenues of $14.3 million representing a 7.3% decrease over total net revenues of $15.4 million during the first quarter of 2020.

Euroseas reported a net income for the period of $3.8 million as compared to a net income of $2 million for Q1 2020.

Euroseas has a fleet of 14 vessels, including 9 feeders and 5 intermediate containerships, with a cargo capacity of 42,281 TEU. On a fully delivered basis, the company’s fleet will increase to 16 containerships with a cargo capacity of about 47,881 TEU.