Euroseas Ltd. Signs New Building Agreements for the Acquisition of Three Fuel Efficient 1,800 teu Feeder Containerships
March 21 2022 - 9:00AM
Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container
vessels and provider of seaborne transportation for containerized
cargoes, announced today that it has signed a contract for the
construction of three 1,800 teu eco-design fuel efficient feeder
containerships. The vessels will be built at Hyundai Mipo Dockyard
Co. in Korea and are scheduled to be delivered during the first
half of 2024, one in the first and two in the second quarter of the
year. The total consideration for the construction of the three
vessels is approximately $102 million which the Company intends to
finance with a combination of debt and equity.
Aristides Pittas, Chairman and CEO of
Euroseas commented: "We are pleased
to announce the ordering of three modern LNG-ready eco-design
containerships of 1,800 teu capacity each in one of the best
quality shipbuilders in the world, the same yard where our previous
orders for four 2,800 teu vessels were placed. This order continues
our strategy to further grow Euroseas in a manner that exploits the
relative attractiveness of the newbuilding prices as compared to
the price of secondhand vessels; furthermore, it builds on our
commitment of having an environmentally friendly fleet and
contributing to the de-carbonization effort of our industry. In a
quite turbulent and uncertain economic and geopolitical
environment, we remain very optimistic about the prospects of the
container market. We look forward to welcoming all our seven
newbuildings into our fleet over the next two and half years
creating a fleet line-up focused on the most commercial sizes of
the feeder sector.”
About Euroseas Ltd.Euroseas
Ltd. was formed on May 5, 2005 under the laws of the Republic of
the Marshall Islands to consolidate the ship owning interests of
the Pittas family of Athens, Greece, which has been in the shipping
business over the past 140 years. Euroseas trades on the NASDAQ
Capital Market under the ticker ESEA.
Euroseas operates in the container shipping
market. Euroseas' operations are managed by Eurobulk Ltd., an ISO
9001:2008 and ISO 14001:2004 certified affiliated ship management
company, which is responsible for the day-to-day commercial and
technical management and operations of the vessels. Euroseas
employs its vessels on spot and period charters and through pool
arrangements.
The Company currently has a fleet of 16 vessels
comprising of 10 Feeder and 6 Intermediate containerships. Euroseas
16 containerships have a cargo capacity of 50,371 teu. Including
the three vessel newbuildings announced herein, the Company has a
total of seven vessels contracted to be built. On a fully delivered
basis, the Company’s fleet will increase to 23 containerships with
a cargo capacity of about 66,971 teu.Forward Looking
StatementThis press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth
strategy and measures to implement such strategy; including
expected vessel acquisitions and entering into further time
charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words
and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to changes in the
demand for containerships, competitive factors in the market in
which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to
time in the Company's filings with the Securities and Exchange
Commission. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
Visit the Company’s
website www.euroseas.gr
Company
Contact |
Investor Relations /
Financial Media |
Tasos AslidisChief Financial
OfficerEuroseas Ltd.11 Canterbury Lane,Watchung, NJ 07069Tel. (908)
301-9091E-mail: aha@euroseas.gr |
Nicolas Bornozis Markella
KaraCapital Link, Inc.230 Park Avenue, Suite 1536New York, NY
10169Tel. (212) 661-7566E-mail: euroseas@capitallink.com |
Euroseas (NASDAQ:ESEA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Euroseas (NASDAQ:ESEA)
Historical Stock Chart
From Apr 2023 to Apr 2024