On April 30, Greek feeder container ship operator Euroseas announced on its official website that it had placed an order for six Type 2 feeder container ships with two Chinese shipbuilders to expand its newbuilding program. With this order, the company now holds orders for 10 container ships valued at $500 million.
Two additional gearless specialized 2,800 teu high-reefer container vessels to be built at Huanghai Shipbuilding Co., Ltd, in China exercising its option to expand a previously placed order for two similar vessels with the same shipyard. The vessels are scheduled to be delivered in October 2028 and January 2029 and, like their sisterships, will be equipped with over 1,000 reefer plugs. The total consideration for each vessel is approximately $46.5 million. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the Company. The Company also holds an option to order up to two additional vessels of similar size – either high-refer or conventional ships – within a short period of time; and,
Two gearless 1,800 teu container vessels to be built at Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd.(CIMC SOE) and scheduled to be delivered in June and September 2028. The total acquisition price for each of the two vessels is approximately $32.5 million. The Company also holds an option to order up to two additional vessels of similar size within a short period of time.
All four vessels will comply with EEDI Phase 3 and IMO Nox Tier III emission standards and will be financed with a combination of debt and equity.
It is worth noting that this marks the first collaboration between CIMC SOE and Euroseas in the newbuild market.
With the finalization of the aforementioned new vessel orders, Euroseas’ container ship order book has grown to 10 vessels, with a total construction cost of approximately $500 million. Upon delivery of these new vessels, Euroseas’ fleet will comprise 19 vessels built to order, making it one of the youngest and most modern short-haul and medium-haul container fleets among publicly listed peers.
In terms of chartering, Euroseas’ fleet has secured $650 million in charter contracts, with coverage extending beyond 2028, providing significant earnings visibility.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years.
Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its
vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate and six feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 31 vessels with a total carrying capacity of 93,834 teu.