Euroseas books two ultramaxes at Sinopacific

The 63,500 dwt bulkers, worth a total of approximately $56m, are to be built at Yangzhou Dayang Shipbuilding and are slated to be delivered during the fourth quarter of 2015 and the first quarter of 2016 respectively.

Aristides Pittas, chairman and ceo of Euroseas, said: “This deal underlines our continued commitment to the dry bulk sector and our strategy of conservative growth and renewal of our fleet.

“We believe that investing in young assets when prices are low is a sound proposition as one is to gain not only from the trading of the ships, but also from possible asset appreciation. Both vessels are of eco-design and we expect them to have an additional competitive advantage in the marketplace,” he said.