EuroDry reveals partnership with investors for bulker duo

A newly built container ship was delivered to Euroseas, listed on the American stock market, owned by Aristides Pittas.

The South Korean shipyard Hyundai Mipo Dockyard handed over the 2,800 teu feeder containership on February 6 to the Greek owner Euroseas, a company formed in 2005 to consolidate the ship owning interests of the Pittas family in Greece.

The Tender Soul is an ‘eco EEDI phase 3’ newbuild boxship with a 37,237dwt. It is the third newbuild ship that the company receives under its nine-vessel newbuilding program.

Six feeder vessels are now under construction with scheduled delivery in the second, third and fourth quarter of 2024.

Feeder ships Leonidas Z with 37,237-dwt, Monica with 22,262-dwt, Stephania K 22,262-dwt, Pepi Star of 22,262-dwt, Dear Panel of 37,237-dwt and Symeon P with 37,237-dwt, are currently under construction.

The vessel, Tender Soul, equipped with a Tier III engine and other features as installation of alternative maritime power, is financed via a sale and leaseback agreement with a Japanese owner and bank.

Following its delivery, the ship commenced an eight to ten months charter at a rate of $17,000/day.

The shipowner has a fleet of 20 vessels, including 13 feeder and 7 intermediate containerships. On a fully-delivered basis of its vessels under construction, the Euroseas fleet portfolio will increase to 26 boxships.

Aristides Pittas, chairman and chief executive of Euroseas, said: “We are very pleased to have taken delivery of M/V Tender Soul, the third vessel from our nine-vessel newbuilding program which includes three additional 2,800 teu and three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines.

“It should be noted that M/V Tender Soul and the rest of our newbuildings are 40%+ more efficient than previous generation similar size non-eco ships.

“Thus, we look forward to the delivery of the remaining of our newbuildings that will help us reduce our carbon footprint.

“At the same time, we expect that the recent recovery in charter rates would benefit our vessels that are to be chartered or re-chartered in the next several months including the next scheduled deliveries from our newbuilding program. As always, we continue to monitor the secondhand and resale markets to identify accretive investment opportunities.”