Asyad Lines Named as Charterer of Euroseas Containership Eco Newbuild

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.”

Disclaimer for podcasts and articles

When you view, access or otherwise use our podcasts or articles, you acknowledge the application of this disclaimer:

Shipping Telegraph ApS provides no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in our podcasts or articles. The information, opinions, recommendations, content, etc. presented in our podcasts or articles are for information purposes only and do not constitute or replace professional advice. Any reliance you may place on the information provided in our podcast or articles is strictly at your own risk.

Unless it is specifically stated, Shipping Telegraph ApS does not approve, recommend or certify any product, process, service, organization, etc. presented or mentioned in our podcasts or articles. Any third-party materials, advertisements or content of any third-party referenced in our podcasts or articles do not necessarily reflect the opinions, standard or policies of Shipping Telegraph ApS, and Shipping Telegraph ApS cannot be held accountable hereof. Shipping Telegraph ApS is not responsible or liable for the accuracy, completeness or compliance with applicable laws of any third-party material, advertisements and content.

Shipping Telegraph ApS shall not be responsible for any errors or omissions contained in the podcasts, the articles or the website used to gain access hereto and reserves the right to make changes without notice. Shipping Telegraph ApS makes no warranty that our podcasts or articles, or the server making them available, are free of viruses, worms, etc.

Shipping Telegraph ApS expressly disclaims any and all liability or responsibility for any direct, indirect, punitive, incidental, consequential or other damages or other claims arising out of or in connection with any individual's and business entity's use of, reference to, reliance on our podcasts or articles or the information presented herein. By ticking the box, I agree with the disclaimer above.