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Euroseas settles yard dispute, receives 38% discount on latest ultramax

Euroseas settles yard dispute, receives 38% discount on latest ultramax
Euroseas has fixed a dispute with an Asian shipyard and will now receive an ultramax bulker next year at a 38% discount to what was originally agreed in 2014.

The Greek owner said yesterday it signed an agreement to acquire from Dayang shipyard, Hull DY160, an ultramax drybulk carrier, of 63,500 dwt due for delivery next month. The ship will be named Alexandros P when it delivers.

Aristides Pittas, chairman and CEO of Euroseas, commented: “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.”

Come next month, the Euroseas fleet will swell to 15 ships including one kamsarmax, four panamaxes, one ultramax and one handymax plus eight feeder containerships.

source: splash247

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