Euroseas buys kamsarmax pair at below $60m from Yangzijiang

The two new fuel efficient kamsarmax bulkers will be built at China's Jiangsu Yangzijiang Shipbuilding, scheduled for delivery in the fourth quarter of 2015 and the fourth quarter of 2016.

The Chinese yard had earlier announced a bumper order of thirteen 82,000 dwt bulkers, with Euroseas as the buyer of two units.

“With this order, we have increased our newbuilding orderbook to four vessels, which brings our total fleet to 19 vessels and improves our fleet profile significantly. We believe we are at the start of a strong year for the dry bulk market and are positioning Euroseas to take advantage of an improving market,” said Aristides Pittas, chairman and ceo of Euroseas.

Euroseas also announced that its joint venture Euromar has purchased Akinada Bridge, a gearless 5,600 teu containership built in 2001 in South Korea. The vessel comes with a charter attached to an unnamed Japanese charterer.

“With containership prices close to their all time lows and secured income for the vessel for the next 2.5 years this investment has little if no downside and can prove very profitable in a recovering market,” Pittas said.

“Euromar is well capitalised and with its 11-vessel strong fleet ready to take advantage of a recovery in the container market which is bound to occur sooner or later.”