Euroseas to acquire feeder ship quartet

Athens-based Euroseas has signed memoranda of agreement to acquire four feeder containerships for a consideration that includes a cash payment of US$15 million and issuance of approximately 22.5 million shares of common stock to the sellers.

The four vessels to be acquired are the 3,100TEU EM Hydra (pictured) and EM Spetses, the 3,100TEU EM Kea, and the 2,008TEU Diamantis P.

The acquisition will increase the Euroseas fleet size to 15 vessels, all of which are containerships.