Euroseas Inks New Building Agreements For Three Fuel Efficient Vessels

• Euroseas Ltd. (NASDAQ: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.