Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has concluded in November a contract for the construction of two 4,300-teu modern fuel-efficient container vessels.
The shipowner has contracted Jiangsu Yangzi Xinfu Shipbuilding CO., Ltd., in China for the pair of newbuilds, Pittas said in its quarterly earnings report.
The vessels are scheduled to be delivered during the fourth quarter of 2027. The total consideration for each of these two newbuilding contracts is approximately $60m and will be financed with a combination of debt and equity.
After the delivery of two feeder and the two intermediate containership newbuildings in 2025 and 2027, respectively, Euroseas’ fleet will consist of 27 vessels with a total carrying capacity of 86,873 teu.
Currently the owner has a fleet of 23 vessels, including 16 feeder containerships and 7 intermediate containerships. Euroseas 23 containerships have a cargo capacity of 67,073 teu.
Aristides Pittas, chairman and CEO of Euroseas, commented: “Given the above fleet dynamics in our segments and our increasing cash reserves, over and above our dividend distribution and share repurchase program needs, we decided to extend our newbuilding program by ordering two 4300 teu vessels with delivery in 2027 strengthening our position in this segment.
“We remain diligent in identifying accretive investment opportunities and committed to generating returns to our shareholders.”
It is worth mentioning that in the company’s website in the fleet profile section there are two intermediate vessels under construction, Elena (H1711) and Nikitas G (H1712), with a 55,200-dwt, 4,300 teu, expected to be delivered in the Q4 2027.
There are also two feeder vessels, Dear Panel (H4251) and Symeon P (H4252), with a 37,237-dwt, 2,800 teu, expected to be delivered in the Q1 2025.
