Euroseas takes delivery of an Eco 2,800 teu feeder containership newbuilding

Euroseas announced that on April 6 it has taken delivery of its M/V Gregos, an eco 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard in South Korea. The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP. The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by Eurobank . Following its delivery, M/V Gregos commenced a thirty-six to forty month charter with Asyad Lines.Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to have taken delivery of M/V Gregos, the first vessel from our nine-vessel newbuilding program which includes five additional 2,800 teu and three 1,800 teu units all modern fuel efficient, eco-design vessels with Tier III engines. M/V Gregos has already started a charter that is expected to contribute in excess of $42M of EBITDA or, about $6 of EBITDA per share , to the company over its duration. "Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders