ESEA - Euroseas signs contract for construction of two fuel efficient containerships

Euroseas (ESEA -0.6%) signed a contract for the construction of two additional Eco design fuel efficient containerships which will have a carrying capacity of ~2.8K TEU each and will be built at Hyundai Mipo Dockyard in South Korea. The total consideration for these two newbuilding contracts is ~$85M and will be financed with a combination of debt and equity. The two newbuildings are scheduled to be delivered during Q4 of 2023 and Q1 of 2024 respectively; vessels are sisterships of a pair of vessels ordered by Euroseas in June 2021. "The current contracts, along with an order we placed back in June 2021 for a pair of similar vessels, will allow us to build a strong presence in the large feeder containership sector with a quartet of modern fuel-efficient vessels in our fleet," Chairman and CEO Aristides Pittas commented.

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Euroseas signs contract for construction of two fuel efficient containerships