On March 17, Euroseas, a Greek owner of feeder container vessels, announced via its official website that it has signed a shipbuilding contract with Huanghai Shipbuilding for two 2,800 TEU reefer container vessels, with delivery expected in June and August 2028.
Both vessels will be built to EEDI Phase 3 and IMO NOx Tier III standards, and with over 1,000 reefer plugs, they are optimized for high-reefer density trades, providing increased capacity for refrigerated cargo, a trade with growing demand. The total acquisition price for each of the two new buildings is approximately $46.35 million and will be financed with a combination of debt and equity.
The new building contract also provides the Company with the option to order up to four additional vessels of similar size, with high reefer plugs or conventional, within a short period of time.
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce the ordering of two modern 2,800 teu, high reefer container vessels. With the outlook of the global refrigerated container shipping market remaining quite positive, and the limited availability of modern vessels with significant reefer capacity, we believe that this measured diversification into the specialized high-reefer segment creates an attractive opportunity within this niche market. These new building orders underscore our Company’s commitment to growing and modernizing our fleet, while pursuing disciplined, accretive investments designed to generate returns and enhance long-term value for our shareholders.”
According to Euroseas fleet data, the company currently owns a fleet comprising 27 vessels with a total capacity of 84,676 TEU; of these, six are new buildings, representing a capacity of 23,532 TEU currently under construction.
Of the new vessel orders held by Euroseas, aside from two reefer container ships from Huanghai Shipbuilding, the remaining four are being built by Yangzijiang Shipbuilding. All four are 4,484 TEU container ships, scheduled for delivery in the third and fourth quarters of 2027, and the first and second quarters of 2028, respectively. Each vessel carries a construction cost of $59.25 million, bringing the total value of the four ships to $237 million. Including the latest orders, the aggregate value of the six new vessels stands at $329.7 million.
This order marks the second container ship order announced by Huanghai Shipbuilding this week. According to a report on the 17th, HMM—South Korea’s largest shipping company—placed an order with Huanghai Shipbuilding back in January for five 1,800 TEU and seven 3,000 TEU container ships, with delivery expected between 2028 and 2029.
The order for 12 new vessels from HMM represents a “record-breaking” contract for Huanghai Shipbuilding; not only does it mark the first time Huanghai Shipbuilding has secured a bulk order for 12 new vessels, but the 3,000 TEU container vessels included in the order are also the largest-capacity container vessels ever constructed by the shipyard.
According to information from its official website, Huanghai Shipbuilding was established in 1944. Covering an area of 930,000 square meters, the shipyard is capable of repairing and constructing high-tech, high-value-added vessels of up to 100,000 gross tons, with a total construction capacity of 800,000 deadweight tons. To date, the company has built and delivered 27 various types of ro-pax vessels, as well as over 100 multi-purpose vessels of different specifications.