Euroseas returns to Hyundai Mipo for more eco feeder boxships

Greek boxship owner Euroseas has returned to South Korea’s Hyundai Mipo Dockyard with a new shipbuilding contract for the construction of two 2,800 teu eco-design containerships. 

The two newbuildings, worth around $85m, should deliver during the fourth quarter of 2023 and the first quarter of 2024, respectively. The order follows a pair of sisterships Euroseas ordered last year for around $76m with delivery in the first half of 2023.

Aristides Pittas, chairman and CEO of Euroseas, commented: “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. This order also highlights our aggressive plan to renew our fleet and expand our footprint in the sector while adhering to our commitment for environmentally sustainable operations. 

“With our earnings visibility well into 2024, we believe that investing in new vessels of modern eco-design makes good use of the cash flow generated by our existing fleet. We remain very optimistic about the containership market over the next few years, and we believe that our newbuilding program will further bolster the prospects of our company for the benefit of our shareholders.”

The Nasdaq-listed company currently has a fleet of 16 ships, comprising of 10 feeder and six intermediate containerships. On a fully-delivered basis, Euroseas’s fleet will increase to 20 containerships with a cargo capacity of about 61,571 teu.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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