ExpansionApr 30, 2026, 09:15 AM
ESEA Orders 4 New Feeder Containerships for ~$158M; Expands Fleet
AI Summary
Euroseas Ltd. announced the ordering of four additional feeder containerships, expanding its newbuilding program. This includes two 2,800 teu high-reefer vessels for approximately $46.5 million each and two 1,800 teu vessels for about $32.5 million each, totaling around $158 million. These additions bring the company's newbuilding program to ten vessels with a total contracted cost of approximately $500 million, aiming to create a younger and more modern fleet. The company also holds options for up to four more vessels and has a contracted revenue backlog of $650 million.
Key Highlights
- ESEA ordered two 2,800 teu high-reefer vessels for ~$46.5 million each.
- ESEA ordered two 1,800 teu container vessels for ~$32.5 million each.
- Total acquisition cost for the four new vessels is approximately $158 million.
- Newbuilding program expands to 10 vessels with a total contracted cost of ~$500 million.
- Fleet will grow to 31 vessels with 93,834 teu capacity after deliveries.
- Company holds options for up to four additional vessels of similar sizes.
- New vessels comply with EEDI Phase 3 and IMO Nox Tier III emission standards.