Euroseas Ltd. announced on Monday (Apr10) the delivery of a new eco-friendly 2,800 teu feeder containership named M/V Gregos.
The vessel was built by Hyundai Mipo Dockyard Co. in South Korea and is compliant with the EEDI Phase 3 requirements, equipped with a Tier III engine and other sustainable features such as the installation of AMP (alternative maritime power).
The acquisition of the vessel was financed by a combination of the company's own funds and a sustainability-linked loan provided by Eurobank S.A.
Upon delivery, M/V Gregos commenced a 36 to 40-month charter with Asyad Lines.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to have taken delivery of M/V Gregos, the first vessel from our nine-vessel newbuilding program which includes five additional 2,800 teu and three 1,800 teu units all modern fuel efficient, eco-design vessels with Tier III engines. M/V Gregos has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration.
“Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities for our shareholders.”