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Euroseas acquires newbuilding ultramax dry bulk carrier

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Dry Bulk,

Euroseas Ltd, an owner and operator of dry bulk and container carrier vessels and provider of seaborne transportation for dry bulk and containerised cargoes, has signed an agreement to acquire from Dayang shipyard, Hull DY160, an 63 500 DWT ultramax dry bulk carrier to be built in 2017.

The vessel is expected to be delivered to the company in January 2017, subject to a successful inspection by the company by 27 December 2016; it will be acquired for approximately 62% of its contracted price in early 2014.

The company will apply the construction deposits already paid for Hull DY160 and a sister vessel, Hull DY 161, and contribute nominal incremental cash. Following delivery, Hull DY 160 will be named Alexandros P.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are extremely pleased to announce the acquisition of Alexandros P, an ultramax dry bulk carrier, the construction of which we have supervised over the last two years; the vessel is a modern eco-ship incorporating the latest regulatory requirements and technological advances. Alexandros P alongside with our Kamsarmax newbuilding, Xenia, which we took delivery of earlier in 2016, spearhead the renewal of our dry bulk fleet in anticipation of a recovery in the dry bulk market. The conclusion of this agreement also settles our claim against the yard in the best possible way and equips us with a solid balance sheet as we look forward to leveraging opportunities in the market."

After the acquisition of M/V Alexandros P and the previously announced acquisitions of M/V RT Dagr and M/V Capetan Tassos (to be delivered to the Company in December 2016 and January 2017, respectively), the company's fleet will consist of 15 vessels, including one kamsarmax, four panamax, one ultramax and one handymax dry bulk carriers, and eight feeder containerships.

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