Euroseas signed contracts for the construction of four additional feeder vessels, expanding its newbuilding programme to 10 ships.
Two specialised 2,800 TEU high-reefer units will be built at Huanghai Shipbuilding in China, while two 1,800 TEU vessels are slated for construction at Nantong CIMC Sinopacific Offshore and Engineering.
The larger ships are scheduled for delivery in October 2028 and January 2029 at a cost of approximately $46.5 million each. These vessels will feature over 1,000 reefer plugs and follow an earlier order for two similar ships placed with the same yard.
Construction for the two 1,800 TEU vessels is set for completion in June and September 2028 for an acquisition price of $32.5 million each. According to the company, it also holds options for two additional vessels in each size category.
Aristides Pittas, Chairman and Chief Executive Officer of Euroseas, noted that the orders reflect a disciplined approach to capital allocation and confidence in the feeder market. He stated the total contracted cost of the 10-vessel programme is approximately $500 million.
The company reported a contracted revenue backlog of $650 million and stated that the new ships would be funded through a mix of debt and equity. Upon completion of the programme, the fleet will include 19 vessels built by the company.
