Photo: Aristides Pittas / Euroseas
Greek shipowner Aristides Pittas says it is continuing to monitor markets to identify accretive opportunities for the company´s shareholders after the delivery of the first from the nine ships under construction.
Greece’s Euroseas, a company formed in 2005 to consolidate the ship owning interests of the Pittas family of Athens, Greece, has taken delivery of its vessel M/V Gregos, an eco 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by Eurobank S.A. The owner said the 2,800 teu vessel commenced a 36 to 40 month charter with Asyad Lines, and is expected to contribute in excess of $42 million of Ebitda to the Euroseas over its duration.
The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features, including installation of alternative maritime power.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to have taken delivery of M/V Gregos, the first vessel from our nine-vessel newbuilding program which includes five additional 2,800 teu and three 1,800 teu units all modern fuel efficient, eco-design vessels with Tier III engines. M/V Gregos has already started a charter that is expected to contribute in excess of $42 million of Ebitda (or, about $6 of Ebitda per share) to the company over its duration.
“Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders.”
