Euroseas Takes Discounted Ultramax from Dayang

Nasdaq-listed owner and operator of drybulk and container carrier vessels Euroseas has taken delivery of a bulker newbuilding from Dayang shipyard in China.

The newbuilding Hull DY 160, to be renamed Alexandros P, is a 63,500 dwt Ultramax dry bulk carrier built in January 2017.

Alexandros P is one of two Ultramax bulkers ordered by Euroseas at Dayang shipyard in December 2013.

Euroseas subsequently cancelled the orders for the vessels in August and September of 2016, citing excessive construction delays. The two Ultramaxes were initially scheduled for delivery in late 2015, early 2016.

At the time, Euroseas demanded the return of its progress payments and other expenses as specified in the newbuilding contract and secured by refund guaranties.

Following the cancellations, the two parties  referred the case to arbitration. In December 2016, Euroseas agreed to re- acquire Alexandros P from Dayang for 62% of the original price. The second vessel in the series, Hull DY 161, has reportedly been cancelled.

Aristides Pittas, Chairman and CEO of Euroseas, said: “We are very pleased to complete the acquisition of Alexandros P, an Ultramax drybulk carrier the construction of which we have supervised over the last two years. The delivery of Alexandros P settles our claim against the yard and positions us to take advantage of any recovery in the drybulk market.”

Euroseas has a fleet of 14 vessels, including one Kamsarmax , three Panamaxes, one Ultramax , and one Handymax dry bulk carrier. The fleet also includes eight feeder containerships.

Euroseas six dry bulk carriers have a total cargo capacity of 417,753 dwt, its eight containerships have a cargo capacity of 13,170 TEU.

The company has also signed a contract for the construction of one Kamsarmax (82,000 dwt) dry bulk carrier with Dayang. Including the new-building Kamsarmax, the total cargo capacity of the company’s dry bulk vessels will be 499,753 dwt.

World Maritime News Staff

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