Euroseas has acquired an intermediate containership from Japan's Tokei Kaiun for $40m, taking its fleet in this size range to six vessels.
The New York-listed shipowner, which also has 10 feeder boxships, with two more on order for 2023 delivery, said it has bought the 6,350-teu Leo Paramount (built 2005).
Euroseas said it will pay for the ship, which is expected to be delivered this year and renamed Marcos V, with its own money and a bank loan.
The vessel has a market value of $77m, according to VesselsValue. Its scrap value is listed at $16.8m.
Euroseas did not explain the lower price, which may be because of the charter attached to the deal.
The company said it signed a simultaneous deal to charter the ship for three years at $42,200 per day with an option to fix it for a fourth year at $15,000 per day.
Euroseas said the deal involves a first-class charterer.
"This acquisition continues our strategy of carefully constructed transactions minimising the market risk by reducing, by the end of the charter, the cost basis to around its scrap value," chief executive Aristides Pittas said.
The fixture is expected to contribute about $35m in Ebitda during the first three years of the contract.
"Furthermore, depending on the market after the end of the charter in three or four years, we may have significant additional upside," he said.
