Alantra advises Euroseas Ltd. on a $45.0 million sustainability-linked financing for two new fuel-efficient containerships

Jun 2024

Newbuild financing

Value $45.0 million

Dubai – Alantra advises Euroseas Ltd. (NASDAQ: ESEA), a leading owner and operator of container carrier vessels, in securing a $45.0 million mortgage loan from the National Bank of Fujairah. This financing supports the delivery of Euroseas’ new fuel-efficient 1,800 TEU feeder containerships, M/V Monica and M/V Stefania K.

Founded in 2005, Euroseas Ltd. was created to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. It has a fleet of 22 vessels, including 15 Feeder and 7 Intermediate containerships. Euroseas 22 containerships have a cargo capacity of 66,261 teu. On a fully-delivered basis of its vessels under construction, the Company’s fleet will increase to 26 containerships with a cargo capacity of about 75,461 teu.

Aristeidis Pittas, Chairman and CEO of Euroseas, said: “We are grateful for Alantra’s expert advice in securing this milestone financing. This collaboration not only strengthens our financial position but also reinforces our strategy of diversifying debt financing sources and expanding our network with global shipping lenders.”

Nicholas Petrakakos, Partner & Managing Director at Alantra DIFC, commented: “We are proud to have facilitated this milestone sustainability-linked financing for Euroseas. This transaction underscores our commitment to delivering innovative financial solutions that support sustainable practices within the maritime industry. By bringing together a prominent Greek shipping company and a sophisticated UAE-based shipping bank, we have enabled Euroseas to diversify its funding sources and National Bank of Fujairah to make further in-roads in the Greek shipping market.”

Alantra DIFC’s Maritime & Offshore team continues to lead in providing bespoke financial advisory services, contributing to the growth and sustainability of the global shipping industry.