Euroseas orders four more feeder containerships

Euroseas Ltd. (NASDAQ: ESEA) has signed contracts for four additional feeder containerships, expanding its newbuilding program to ten vessels with a total contracted cost of approximately $500 million.

Two of the new orders are gearless 2,800 TEU high-reefer vessels, built at Huanghai Shipbuilding in China. They are sisterships to two vessels ordered earlier from the same yard. Each vessel carries a price tag of approximately $46.5 million and will be equipped with over 1,000 reefer plugs. Deliveries are scheduled for October 2028 and January 2029. Euroseas also holds an option to order up to two additional vessels of similar size.

The remaining two vessels are gearless 1,800 TEU containerships, to be built at Nantong CIMC Sinopacific Offshore & Engineering. Each vessel costs approximately $32.5 million. Deliveries are scheduled for June and September 2028. Euroseas holds an option for up to two more vessels of similar size.

All four vessels comply with EEDI Phase 3 and IMO NOx Tier III standards. Euroseas will finance them with a combination of debt and equity.

Upon completion of the full newbuilding program, the fleet will grow to 31 vessels with a total capacity of 93,834 TEU, consisting of 19 company-built vessels.

“These additional orders reflect our disciplined approach to capital allocation and our confidence in the long-term fundamentals of the feeder container market,” said Aristides Pittas, Chairman and CEO. “With a contracted revenue backlog of $650 million and high charter coverage extending beyond 2028, we are well positioned to continue growing and modernizing our fleet.”

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