Euroseas and Jiangsu Yangzijiang Shipbuilding finalise new deal to build drybulk carrier

Greece-based shipping company Euroseas has signed an addendum to its newbuilding contract with China’s Jiangsu Yangzijiang Shipbuilding.

The deal was originally signed in 2014, and will see Euroseas now build the Kamsarmax drybulk carrier at a discounted purchase price. The new agreement has reduced the remaining payments for the vessel by more than 10% to $22.5m.

The eco-design, fuel-efficient Kamsarmax carrier will feature 82,000dwt capacity and will be delivered by June next year.

Euroseas chairman and CEO Aristides Pittas 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.

“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.”

“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 drybulk sector, and we are starting to see signs of stabilization and recovery in the containership sector as well.”

The company currently has a fleet of 13 vessels, including one Kamsarmax drybulk carrier, three Panamax drybulk carriers, one Ultramax drybulk carrier, one Handymax drybulk carrier and seven Feeder containerships.

Euroseas will have seven drybulk carriers with an estimated total cargo capacity of 499,753dwt once delivery of the new Kamsarmax vessel is complete.

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