Euroseas Ltd. (NASDAQ: ESEA) signed contracts for four additional feeder containerships, expanding its newbuilding program to ten vessels with a total cost of approximately $500 million, according to a company statement.

The order includes two 2,800 teu high-reefer vessels from Huanghai Shipbuilding Co., Ltd. in China, priced at $46.5 million each. These vessels will be equipped with over 1,000 reefer plugs and are scheduled for delivery in October 2028 and January 2029. The company exercised an option to expand a previously placed order for two similar vessels with the same shipyard.

Additionally, Euroseas contracted two 1,800 teu vessels from Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd., each costing approximately $32.5 million. These vessels are scheduled for delivery in June and September 2028.

All four vessels will comply with EEDI Phase 3 and IMO Nox Tier III emission standards and will be financed through a combination of debt and equity. The contracts are conditional upon receiving refund guarantees from banks acceptable to the company.

Euroseas holds options to order up to two additional vessels of similar size for each shipyard within a short period. The company currently operates 21 vessels with a cargo capacity of 61,144 teu. After delivery of the newbuildings between 2027 and 2029, the fleet will consist of 31 vessels with a total carrying capacity of 93,834 teu.

The company reported a contracted revenue backlog of $650 million with charter coverage extending beyond 2028.