On August 25, Euroseas announced on its official website that it had signed a contract with Yangzijiang Shipbuilding to build two modern energy-efficient 4,300 TEU container ships, with delivery expected in March and May 2028.
The new ships will cost approximately US$59.25 million each, for a total value of approximately US$118.5 million, and will be financed through a combination of debt and equity. The new ships will be built by New Yangtze Shipbuilding, a subsidiary of Yangzijiang Shipbuilding.
According to Euroseas’ press release, the two newly announced ships are sister ships to the two 4,300 TEU container ships ordered by both parties in the third quarter of 2024. The first two ships will be built by Yangzi Xingfu Shipbuilding and are scheduled for delivery in the fourth quarter of 2027, with each ship costing approximately US$60 million. The total value of the four new ships is approximately US$238.5 million (approximately RMB 1.7 billion).
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce the ordering of two additional 4,300 teu containership vessels, sisterships to the two we ordered in October of 2024. We are committed to growing and modernizing our fleet and believe that investing in eco intermediatesized containerships, a segment with a low orderbook and an ageing existing fleet, represents a sound investment strategy. This ensures that we are well-positioned to capitalize on future market opportunities and continue creating long-term value for our shareholders beyond the next few years, which are already secured through our current charter arrangements.”
To date, Euroseas’ fleet consists of 25 ships, including 21 ships in operation and four new ships scheduled for delivery in 2027 and 2028.