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Euroseas Ltd. Announces Delivery of M/V Terataki, an Eco 2,800 teu Feeder Containership Newbuilding, and Commencement of the Vessel’s Charter
ATHENS, Greece, July 06, 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, July 06, 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 July 6, 2023, it has taken delivery of its M/V Terataki, an Eco EEDI Phase 3, 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The vessel is 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 National Bank of Greece S.A. Following its delivery, M/V Terataki commenced a thirty-six to forty months charter with Asyad Lines. Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to have taken delivery of M/V Terataki, the second vessel from our nine-vessel newbuilding program which includes four additional 2,800 teu and three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines. M/V Terataki has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration. “Our newbuilding program is a component of our strategy to grow our company by investing in modern, energy efficient vessels with minimal carbon footprint. In that respect, it is noteworthy that M/V Terataki and the rest of our newbuildings are 40%+ more efficient than previous generation similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities to take advantage of for the benefit of our shareholders.” Fleet Profile: After the delivery of M/V Terataki, the Euroseas Ltd. fleet and employment profile will be as follows: NameTypeDwtTEUYear BuiltEmployment(*)TCE Rate ($/day)Container Carriers MARCOS VIntermediate72,9686,3502005TC until Dec-24$42,200plus 12 months optionoption $15,000SYNERGY KEELUNG(*)Intermediate50,9694,2532009 TC until Apr-25$23,000SYNERGY OAKLAND(*)Intermediate50,7874,2532009TC until May-26$42,000SYNERGY BUSAN(*)Intermediate50,7264,2532009TC until Aug-24$25,000SYNERGY ANTWERP(+)Intermediate50,7264,2532008TC until Dec-23$18,000RENA P (*)Intermediate50,7964,2502007TC until ...