Euroseas, a company formed in 2005 to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 year, reported yesterday the delivery of an eco newbuild 2,800 teu feeder containership, and the commencement of the vessel’s charter.
The ship called Terataki has already started a charter and is expected to contribute to the Greek company in excess of $42 million of Ebitda over its duration.
The Greek shipowner Aristides Pittas took yesterday the delivery of the 2,800 teu vessel Terataki, an eco EEDI phase 3, feeder containership newbuilding from South Korea´s Hyundai Mipo Dockyard.
The ship is the second addition from the company´s nine-vessel newbuilding program which includes four additional 2,800 teu and three 1,800 teu units.
The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by National Bank of Greece. Following its delivery, the containership Terataki commenced a thirty-six to forty months charter with Asyad Lines.
The Athens-based, Nasdaq-listed company notes that the ship is 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 Terataki, the second vessel from our nine-vessel newbuilding program which includes four additional 2,800 teu and three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines. M/V Terataki 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.
“Our newbuilding program is a component of our strategy to grow our company by investing in modern, energy efficient vessels with minimal carbon footprint. In that respect, it is noteworthy that M/V Terataki and the rest of our newbuildings are 40%+ more efficient than previous generation 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 to take advantage of for the benefit of our shareholders.”
The shipowner has a fleet of 19 vessels, including 12 feeder and 7 intermediate containerships. Euroseas 19 containerships have a cargo capacity of 58,861 teu. On a fully-delivered basis of its vessels under construction, the company’s fleet will increase to 26 containerships with a cargo capacity of about 75,461 teu.
