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Euroseas Ltd. Announces Delivery of M/V Gregos, an Eco 2,800 teu Feeder Containership Newbuilding, and Commencement of the Vessel’s Charter
ATHENS, Greece, April 10, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container vessels and provider of seaborne
About this update from Euroseas Ltd.
[{"type":"text","content":"ATHENS, Greece, April 10, 2023 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today 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 $6 of EBITDA per share) to the company over its duration. “Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders.” Fleet Profile: After the delivery of M/V Gregos, the Euroseas Ltd. fleet and employment profile will be as follows: NameTypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/day) Container Carriers MARCOS VIntermediate72,9686,3502005TC until Dec-24$42,200plus 12 months optionoption $15,000SYNERGY KEELUNG(*)Intermediate50,9694,2532009TC until Apr-23$14,500TC until Apr-25$23,000SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000SYNERGY BUSAN(*)Intermediate50,7264,2532009TC until Aug-24$25,000SYNERGY ANTWERP(+)Intermediate50,726...