Euroseas announces delivery of M/V Gregos, an Eco 2,800 teu Feeder Containership Newbuilding
ATHENS, Greece, Euroseas Ltd., an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced that on April 6, 2023, it has taken delivery of its M/V Gregos, an eco 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. 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 (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by Eurobank S.A. 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 $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration.
“Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders.”
Fleet Profile:
After the delivery of M/V Gregos, the Euroseas Ltd. fleet and employment profile will be as follows:
| Name | Type | Dwt | TEU | Year Built |
Employment(*) | TCE Rate ($/day) |
| Container Carriers | ||||||
| MARCOS V | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 |
| plus 12 months option | option $15,000 | |||||
| SYNERGY KEELUNG(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until Apr-23 | $14,500 |
| TC until Apr-25 | $23,000 | |||||
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 |
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Aug-24 | $25,000 |
| SYNERGY ANTWERP(+) | Intermediate | 50,726 | 4,253 | 2008 | TC until Dec-23 | $18,000 |
| RENA P (ex-SEASPAN MANILA)(*) | Intermediate | 50,796 | 4,250 | 2007 | TC until April-24 | $20,250 then |
| Then until Feb 25 | CONTEX(**) with $13,000 floor and $21,000 ceiling | |||||
| EMMANUEL P (ex-SEASPAN MELBOURNE) (*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Mar-25 | $19,000 |
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-23 | $22,000 |
| GREGOS (*) | Feeder | 37,237 | 2,800 | 2023 | TC until Apr-26 | $48,000 |
| EM ASTORIA(*) | Feeder | 35,600 | 2,788 | 2004 | TC until Feb-24 | $50,000 |
| then until Feb-25 | $20,000 | |||||
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 | $40,000 |
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 | $40,000 |
| DIAMANTIS P(*) | Feeder | 30,360 | 2,008 | 1998 | TC until Oct-24 | $27,000 |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Aug-24 | $29,500 |
| JONATHAN P (*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-24 | $26,662(***) |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until April-23 | $20,000 |
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until May-23 | $14,500 |
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Aug-23 | $13,000 |
| Total Container Carriers | 18 | 703,275 | 56,061 |
| Vessels under construction |
Type | Dwt | TEU | To be delivered |
Employment(*) | TCE Rate ($/day) |
|
| TERATAKI (*) | Feeder | 37,237 | 2,800 | Jun-23 | TC until June-26 | $48,000 | |
| TENDER SOUL | Feeder | 37,237 | 2,800 | Q4 2023 | |||
| LEONIDAS Z | Feeder | 37,237 | 2,800 | Q1 2024 | |||
| MONICA | Feeder | 22,262 | 1,800 | Q1 2024 | |||
| STEPHANIA K | Feeder | 22,262 | 1,800 | Q2 2024 | |||
| PEPI STAR | Feeder | 22,262 | 1,800 | Q2 2024 | |||
| DEAR PANEL | Feeder | 37,237 | 2,800 | Q4 2024 | |||
| SYMEON P | Feeder | 37,237 | 2,800 | Q4 2024 | |||
| Total under construction | 8 | 252,971 | 19,400 | ||||