Euroseas plans to invest excess cash that it receives from the booming container ship market on expanding its fleet of 16 vessels and four newbuildings even further.

The New York-listed company plans to spend $65m in cash on four new eco feeder ships that it ordered since June from South Korea’s Hyundai Mipo Dockyard for $161m total.

Chief executive Aristides Pittas said on Tuesday that the shipowner plans to invest the rest of $250m in liquidity expected to the end of 2023 on buying more vessels in a sector in which rates have skyrocketed.