Euroseas Inks New Building Agreements For Three Fuel Efficient Vessels

Euroseas Ltd. ESEA has signed a contract for the construction of three 1,800 teu eco-design fuel-efficient feeder containerships.
The total consideration for the construction of the three vessels is ~$102 million and will be financed with a combination of debt and equity.
The vessels will be built at Hyundai Mipo Dockyard Co. in Korea and are scheduled to be delivered during the first half of 2024.
Euroseas held cash and equivalents of $31.5 million as of December 31, 2021.
"In a quite turbulent and uncertain economic and geopolitical environment, we remain very optimistic about the prospects of the container market," commented Aristides Pittas, Chairman and CEO of Euroseas.
Price Action: ESEA shares are trading lower by 0.95% at $29.42 on the last check Monday.