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Euroseas Ltd. Announces Order for the Construction of Two Additional 4,300 TEU Containerships
Globenewswireยท 2025-08-25 13:00
Core Viewpoint - Euroseas Ltd. has signed a contract for the construction of two additional modern fuel-efficient 4,300 teu container vessels, scheduled for delivery in March and May of 2028, with a total consideration of approximately $59.25 million for each vessel [1][2]. Company Overview - Euroseas Ltd. operates in the container shipping market and was formed on May 5, 2005, under the laws of the Republic of the Marshall Islands, consolidating the ship-owning interests of the Pittas family, which has been in the shipping business for over 150 years [5][6]. - The company trades on the NASDAQ Capital Market under the ticker ESEA [5]. Fleet Profile - Euroseas currently has a fleet of 22 vessels, including 15 feeder containerships and 7 intermediate containerships, with a total cargo capacity of 67,494 teu [7]. - After the sale of M/V Marcos V and the delivery of four intermediate containership newbuildings in 2027 and 2028, the fleet will consist of 25 vessels with a total carrying capacity of 78,344 teu [7]. Strategic Insights - The company is committed to growing and modernizing its fleet by investing in eco intermediate-sized containerships, a segment characterized by a low orderbook and an aging existing fleet, which is viewed as a sound investment strategy [2]. - The current charter arrangements secure revenue for the company in the coming years, positioning it to capitalize on future market opportunities and create long-term value for shareholders [2].