- Euroseas Ltd. has ordered two additional 4,300 TEU fuel-efficient containerships from Jiangsu New Yangzi Shipbuilding, scheduled for delivery in 2028.
- Each vessel will cost about $59.25 million, financed through a mix of debt and equity, and will be sisterships to two ships ordered in October 2024.
- The newbuilds support Euroseas’ fleet modernization strategy, aiming to capitalize on opportunities in the intermediate-size containership segment with a low orderbook and aging global fleet.
Euroseas Ltd. (NASDAQ: ESEA), a global operator of container vessels, has signed contracts for the construction of two modern, fuel-efficient 4,300 TEU containerships at Jiangsu New Yangzi Shipbuilding in China. The vessels are expected to be delivered in March and May 2028. Each ship represents an investment of approximately $59.25 million, with financing secured through a combination of debt and equity.
Management Perspective
Aristides Pittas, Chairman and CEO of Euroseas, expressed confidence in the move: “We are very pleased to announce the ordering of two additional 4,300 TEU containership vessels, sisterships to the two we ordered in October 2024. We are committed to growing and modernizing our fleet and believe that investing in eco intermediate-sized 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.”
Fleet Profile
Euroseas currently operates a fleet of 22 vessels, consisting of 15 feeder and 7 intermediate containerships, with a combined carrying capacity of 67,494 TEU. Among these are vessels ranging from smaller 1,740 TEU feeders to intermediate ships of over 6,000 TEU. Notably, the company has four additional intermediate vessels under construction, including the newly announced pair, all slated for delivery between late 2027 and mid-2028. After the sale of M/V Marcos V in 2025 and the delivery of its newbuilds, Euroseas’ fleet will expand to 25 vessels with a total capacity of 78,344 TEU.
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Source: Euroseas
