Euroseas to acquire a pair of 4,250-TEU containerships, built in 2005 and 2007
The vessels are being acquired for a combined price of $37 million
Euroseas, an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today that it has agreed to acquire M/V Seaspan Manila and M/V Seaspan Melbourne both intermediate size container vessels with capacity of 4,250 TEU each built in 2007 and 2005, respectively. The vessels are being acquired for a combined price of $37 million. The Company will also assume the existing charter arrangements of the vessels. Both acquisitions will be initially financed with the Company’s own funds.
M/V Seaspan Manila is expected to be delivered to the Company within July 2022 and has a charter contract until February 2025 at a rate which is $20,250 per day until April 2024 and, subsequently, based on the CONTEX index with a floor of $13,000 per day and a ceiling of $21,000 per day until the end of the charter period. M/V Seaspan Melbourne is expected to be delivered to the Company within June 2022 and has a charter contract until March 2025 at a rate of $19,000 per day.
Aristides Pittas, Chairman and CEO of Euroseas commented: “After the delivery of the above vessels, we will have a fleet of eighteen containerships on the water and a newbuilding program of seven feeder containerships which are expected to be completed between the first quarter of 2023 and the second quarter of 2024, expanding our footprint in the sector and solidifying our position as the main US publicly listed company focusing on feeder and intermediate container vessels.”
Euroseas operates in the container shipping market. The сompany has a fleet of 18 vessels, including 10 feeder and 8 Iintermediate containerships with a cargo capacity of 58,871 TEU. After the delivery of seven feeder containership newbuildings in 2023 and the first half of 2024, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 75,471 TEU.