4 vessels! Private shipbuilding giant wins another container ship order

On August 25, Greek shipowner Euroseas announced an additional order of 2 units of 4300TEU container ships at New Yangzi Shipbuilding of Yangzijiang Shipbuilding Group. The new ships are expected to be delivered in March and May 2028.

The cost of these two new ships is 59.25 million USD each, with a total value of 118.5 million USD (approximately 848 million RMB). This price is significantly lower than the 60.25 million USD per ship for the first two similar vessels Euroseas ordered at Yangzijiang Shipbuilding last October. Euroseas will finance all four new ships through a combination of debt and equity financing.

For reference, Clarkson's data shows that the current newbuilding price for a 3700/4500TEU container ship is about 60.5 million USD, a decrease of approximately 1% compared to 61 million USD in the same period last year.

Aristides Pittas, Chairman and CEO of Euroseas, stated: "We are committed to fleet growth and modernization, and believe that investing in environmentally friendly medium-sized container ships is a sound investment strategy. This ship type has a low order backlog and the existing fleet is seriously aging. Ordering new ships ensures that we can occupy a favorable position in future market opportunities and continue to create long-term value for shareholders based on existing charters covering the coming years."

According to official data, Euroseas owns and operates 22 container ships with a total capacity of 67,494 TEU. Additionally, there are 4 units of 4300TEU container ships under construction at Yangzijiang Shipbuilding. With these four new ships, Euroseas will operate a fleet of 15 feeder vessels and 11 medium-sized container ships.

It is understood that Euroseas placed an order last October at Yangzijiang Shipbuilding for 2 units of 4300TEU container ships, built by Yangzixin Fujian, scheduled for delivery in the fourth quarter of 2027. This was the only medium-sized container ship order Yangzijiang Shipbuilding received last year; the remaining 66 orders were all for mid-to-large ships of 8000TEU and above, including 17 units of 13000TEU and 28 units of 17000TEU dual-fuel ships.

Since the beginning of this year, Yangzijiang Shipbuilding's container ship orders have mainly been for small and medium-sized vessels. In the first half of the year, it received orders for 8 units of 1700TEU, 2 units of 3000TEU, and 2 units of 4488TEU container ships.

As of June 30, Yangzijiang Shipbuilding holds orders for 236 ships totaling 8.79 million CGT, valued at 23.2 billion USD (approximately 166.649 billion RMB), with deliveries scheduled through 2030. This includes 107 container ships valued at 15.97 billion USD, 39 bulk carriers valued at 1.63 billion USD, 26 liquefied gas carriers (LEG/LPG/VLAC/VLEC) valued at 2.38 billion USD, and 64 oil tankers valued at 3.23 billion USD.

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