Euroseas proceeds with construction of Kamsarmax

Sarah Carter
Sarah Carter

31 March 2017


Greek shipper Euroseas has decided to proceed with the construction of a fuel efficient Kamsarmax drybulk carrier originally ordered in 2014 with China’s shipbuilder Jiangsu Yangzijiang Shipbuilding. The newbuilding contract addendum signed reduced the remaining payments for the vessel by more than 10% to $22.5 million. The vessel, an eco-design fuel efficient Kamsarmax drybulk carrier will have a carrying capacity of 82,000 dwt, will be delivered to Euroseas by June 2018. Aristides Pittas, Chairman and CEO of Euroseas, said: "We are pleased to proceed with the building of our second Kamsarmax bulker which is a sister ship to our M/V Xenia built by the same yard in 2016. M/V Xenia has operated very efficiently and economically in our fleet for more than a year." Aristides added: "The reduction in the contract price coupled with the recovery we see taking place in the drybulk market has made this investment very attractive prompting us to forgo an option to terminate the contract but rather proceed with the building of the vessel." "We look forward to continuing the expansion and renewal of our fleet in both the drybulk and containership sectors at a time when a strong recovery in rates and values has been observed in the drubulk sector and we are starting to see signs of stabilization and recovery in the containership sector as well. We believe that as publicly listed company, Euroseas presents investors with an attractive platform as an operator and consolidator in drybulk and container shipping," he concluded. Euroseas operates in the dry cargo, drybulk and container shipping markets. The Company has a fleet of 13 vessels in the water, including one Kamsarmax drybulk carrier, three Panamax drybulk carriers, one Ultramax drybulk carrier, one Handymax drybulk carrier, and seven Feeder containerships; and a Kamsarmax newbuilding contract.