Euroseas Proceeds with Construction of Kamsarmax

Greek owner and operator of dry bulk and container carrier vessels Euroseas Ltd. has decided to proceed with the construction of a Kamsarmax drybulk carrier originally ordered in 2014 with China’s shipbuilder  Jiangsu Yangzijiang Shipbuilding.

Under the addendum to the earlier agreed newbuilding contract for hull number YZJ 1153, the remaining payments for the vessel were reduced by more than 10% to USD 22.5 million.

The eco-design fuel efficient Kamsarmax, which will have a carrying capacity of 82,000 dwt, is scheduled for delivery to Euroseas by June 2018.

“We are pleased to proceed with the building of our second Kamsarmax bulker which is a sister ship to our M/V Xenia built by the same yard in 2016,” Aristides Pittas, Chairman and CEO of Euroseas, said.

Pittas added that the reduction in the contract price coupled with the recovery taking place in the drybulk market “has made this investment very attractive prompting us to forgo an option to terminate the contract but rather proceed with the building of the vessel.”

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