Euroseas taking delayed kamsarmax newbuild at reduced price

Euroseas taking delayed kamsarmax newbuild at reduced price

Greek owner Euroseas has signed an addendum to a newbuilding contract with China’s Jiangsu Yangzijiang Shipbuilding for a kamsarmax dry bulk vessel originally ordered in 2014.

Despite having the option to terminate the contract due to delivery delays, Euroseas will proceed with the construction of the bulker after the yard agreed to reduce the remaining payments on the vessel by more than 10% to $22.5 m.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are pleased to proceed with the building of our second kamsarmax bulker which is a sister ship to our M/V Xenia built by the same yard in 2016. M/V Xenia has operated very efficiently and economically in our fleet for more than a year. The reduction in the contract price coupled with the recovery we see taking place in the drybulk market has made this investment very attractive prompting us to forgo an option to terminate the contract but rather proceed with the building of the vessel.”

The vessel is now schedule for delivery by June 2018.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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