Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced that on July 6, 2023, it has taken delivery of its M/V Terataki, an Eco EEDI Phase 3, 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The vessel is equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by National Bank of Greece S.A. Following its delivery, M/V Terataki commenced a thirty-six to forty months charter with Asyad Lines.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to have taken delivery of M/V Terataki, the second vessel from our nine-vessel newbuilding program which includes four additional 2,800 teu and three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines. M/V Terataki 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.

“Our newbuilding program is a component of our strategy to grow our company by investing in modern, energy efficient vessels with minimal carbon footprint. In that respect, it is noteworthy that M/V Terataki and the rest of our newbuildings are 40%+ more efficient than previous generation similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities to take advantage of for the benefit of our shareholders.”