Euroseas Secures Loan to Finance Ultramax Newbuild

Greek shipping company Euroseas informed about the signing and service of a drawdown notice under a USD 10.86 million loan to finance the recently acquired Ultramax newbuilding.

The 63,500 dwt M/V Alexandros P was delivered to the company from Dayang shipyard in China on January 16, 2017. The bulker is one of the two Ultramaxes ordered by Euroseas in 2013, with the second ship canceled in 2016.

Furthermore, the firm revealed that it has entered into an agreement to sell for scrap the M/V RT Dagr, a 1,645 TEU feeder containership, for USD 2.1 million. The 1998-built vessel is expected to be delivered to its buyers at the beginning of February 2017, according to Euroseas.

“The proceeds from the loan as well as those from the sale of M/V RT Dagr, provide us with significant additional liquidity and ‘fire power’ for our growth plans,” Aristides Pittas, Chairman and CEO of Euroseas, commented.

Currently, Euroseas has a fleet of 13 vessels, comprising 6 bulkers and 7 boxships, the company’s data shows.

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