Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to proceed with the building of our second Kamsarmax bulker which is a sister ship to our M/V Xenia built by the same yard in 2016. M/V Xenia has operated very efficiently and economically in our fleet for more than a year. The reduction in the contract price coupled with the recovery we see taking place in the drybulk market has made this investment very attractive prompting us to forgo an option to terminate the contract but rather proceed with the building of the vessel. We look forward to continuing the expansion and renewal of our fleet in both the drybulk and containership sectors at a time when a strong recovery in rates and values has been observed in the drubulk sector and we are starting to see signs of stabilisation and recovery in the containership sector as well. We believe that as publicly listed company, Euroseas presents investors with an attractive platform as an operator and consolidator in drybulk and container shipping."