Greek shipowner and operator Euroseas has taken delivery of its M/V Gregos, an eco 2,800 TEU feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea.
The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability-linked features including alternative maritime power (AMP), enabling the vessel to turn off its auxiliary diesel engines while docked, reducing up to 95% of air emissions.
The vessel is the first out of a nine-vessel newbuilding program which includes five additional 2,800 TEU and three 1,800 TEU fuel-efficient, eco-design vessels with Tier III engines.
Euroseas financed the acquisition with a combination of own funds and a sustainability-linked loan provided by Eurobank S.A. Following its delivery, M/V Gregos commenced a thirty-six to forty-month charter with Asyad Lines, Oman’s dedicated container service linking the Arabian Peninsula with the Indian subcontinent.
“ M/V Gregos has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration,” Aristides Pittas , Chairman and CEO of Euroseas said.
“Following the containership market’s rebound during 2021 and 2022, our overall strategy has been to grow the company in a manner that creates value for our shareholders and adheres to our ESG commitment of having a more environmentally friendly fleet. In that respect, it is noteworthy that M/V Gregos and the rest of our newbuildings are 40%+ more efficient than the previous generation of similar size non-eco ships. “
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