Euroseas Secures Finances for Containership
First Citizens Bank's Maritime Finance business provided $26 million in financing to Euroseas Ltd., enabling the container shipping company to add a newly built 2,800 TEU ECOcontainership to its fleet.
First Citizens Bank's Maritime Finance business provided $26 million in financing to Euroseas Ltd., enabling the container shipping company to add a newly built 2,800 TEU ECOcontainership to its fleet.
Euroseas (NASDAQ: ESEA) was formed in 2005. It owns and operates carrier vessels and provides seaborne transportation for containerized cargoes. The company owns a fleet of 24 vessels on the water, including 17 feeders and seven intermediate containerships, plus two new buildings on order, with a total cargo capacity of 76,094 TEU.
"As demand continues to rise, we are expanding our fleet to keep pace with market growth while maintaining a strong focus on sustainability," said Dr. Anastasios Aslidis, Chief Financial Officer of Euroseas Ltd.
"By investing in modern, eco-efficient vessels, we reaffirm our commitment to reducing emissions in the shipping industry and delivering lasting value to our shareholders,” he continued. “We appreciated the expertise and responsiveness of the First Citizens Maritime Finance team in arranging the financing for this important fleet addition."