en.Wedoany.com Reported - Greek shipowner Euroseas has invested over 1 billion yuan to order the construction of 4 feeder container ships from two Chinese shipyards.

Euroseas announced that it has signed construction contracts for two 2,800 TEU and two 1,800 TEU container ships. The 2,800 TEU vessels are additional orders following the two ships of the same type ordered at Huanghai Shipbuilding in March this year. The shipyard for the 1,800 TEU vessels was not disclosed, but according to Clarksons' data, these two ships will be built by Nantong CIMC Sinopacific Offshore & Engineering.

The 2,800 TEU ships ordered by Euroseas this time have a price of approximately US$46.35 million each, with a total amount of US$92.7 million (approximately RMB 633 million) for the two vessels, scheduled for delivery in June and August 2028. The 1,800 TEU ships are priced at approximately US$32 million each, totaling US$64 million (approximately RMB 437 million) for the two vessels, with deliveries expected in 2028 and early 2029.

For reference, Clarksons' data shows that the current newbuilding price for a 2,700/3,000 TEU container ship is approximately US$44.75 million, up 3% compared to US$43.25 million in the same period last year. The current newbuilding price for an 1,800/2,100 TEU container ship is approximately US$32.75 million, basically flat compared to US$32 million in the same period last year.

It is reported that Euroseas signed a contract with Huanghai Shipbuilding in March this year for 2+4 2,800 TEU refrigerated container ships. The new ships are specifically designed for routes with strong demand for refrigerated cargo transport, with each vessel equipped with over 1,000 reefer plugs, significantly enhancing refrigerated cargo capacity. The vessels meet EEDI Phase III and IMO NOx Tier III emission standards.

Euroseas Chairman and CEO Pittas stated: "The latest orders reflect our disciplined approach to capital allocation and our confidence in the long-term fundamentals of the feeder container market. Upon completion of all newbuilding projects, Euroseas will own 19 vessels built under the company's initiative, making it one of the youngest and most modern feeder and intermediate fleets among publicly listed peers in terms of average fleet age."

He pointed out: "The company has secured approximately US$650 million in contracted revenue, with charters extending beyond 2028, providing good earnings visibility. We have the capability and will continue to pursue fleet expansion and modernization."

It is understood that Euroseas' fleet owns and operates 21 container ships with a total capacity of 61,144 TEU, including 6 intermediate-sized vessels, all of which are under time charter contracts. In addition to the orders for 6 2,800 TEU ships at Huanghai Shipbuilding and 2 1,800 TEU ships at CIMC Sinopacific Offshore, Euroseas also has 4 4,300 TEU container ships under construction at Yangzijiang Shipbuilding, with two expected for delivery by the end of 2027 and the remaining two in 2028.

Including the latest orders, according to Clarksons' data, Huanghai Shipbuilding currently has an orderbook totaling 97 vessels of 2.74 million dwt, including 64 container ships, 11 general cargo ships, 10 tankers, 7 multi-purpose vessels, 2 bulk carriers, and 3 other vessels, with delivery slots extending to 2029. CIMC Sinopacific Offshore has an orderbook totaling 49 vessels of 760,000 dwt, including 19 LNG bunkering vessels, 10 LPG carriers, 7 offshore vessels, 8 container ships, 4 reefer ships, and 1 general cargo ship, with delivery slots extending to 2029.

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