Euroseas Ltd. Announces Expansion of Feeder Containership Newbuilding Program

Euroseas Ltd. has announced the expansion of its containership newbuilding program by ordering four additional feeder vessels. This includes two 2,800 TEU high-reefer container vessels and two 1,800 TEU vessels. The high-reefer vessels are scheduled for delivery in October 2028 and January 2029, each costing approximately $46.5 million. The 1,800 TEU vessels are set for delivery in June and September 2028, with an acquisition price of approximately $32.5 million each. All new vessels will comply with EEDI Phase 3 and IMO Nox Tier III emission standards and will be financed through a mix of debt and equity. This expansion brings the total newbuilding program to ten vessels, with an estimated completion cost of $500 million. Upon completion, Euroseas' fleet will comprise 31 vessels with a total capacity of 93,834 TEU, making it one of the youngest and most modern fleets among its public peers. The company has a contracted revenue backlog of $650 million and significant charter coverage extending beyond 2028.