Euroseas confirms feeder orders, expands US$500M orderbook to 10 vessels

Riviera reported this week that the US-listed Greek owner was preparing an order, with brokers naming Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE) as the counterparty for a pair of 1,800-TEU vessels.

Euroseas confirmed the order on 30 April, noting that each vessel will cost approximately US$33M and will join the fleet in June and September 2028.

The company also holds options for up to two additional vessels of similar size, exercisable within a limited timeframe.

Meanwhile, Euroseas has disclosed an order for two additional 2,800-TEU high-reefer container vessels at Huanghai Shipbuilding. The vessels represent options on two similar units announced last March and are scheduled for delivery in October 2028 and January 2029.

Each vessel is priced at around US$47M and, like their sister ships, will be equipped with more than 1,000 reefer plugs.

Euroseas said the contracts are subject to refund guarantees from banks acceptable to the company. It also retains options for two additional vessels under this series.

All four newly contracted units will comply with EEDI Phase 3 and IMO NOx Tier III emissions standards and will be financed through a combination of debt and equity.

One of the youngest fleets

Euroseas chairman and chief executive Aristides Pittas said the orders reflect the company’s confidence in the long-term fundamentals of the feeder market.

Euroseas currently operates a fleet of 21 vessels and has an orderbook of 10 units, with a total contracted cost of approximately US$500M.

Upon completion of the newbuilding programme, Euroseas’ fleet will include 19 vessels built to its own specifications, “making it one of the youngest and most modern feeder and intermediate fleets among our public peers,” Mr Pittas added.

The company expressed confidence in its outlook, supported by a contracted revenue backlog of US$650M, high charter coverage extending beyond 2028, and strong earnings visibility.