The contract targets the construction of four more units, with an estimated value of EUR4 million calculated in current prices, with delivery between July and November 2024.
As in the case of the initial contract, the financing is provided by NAVROM Galati from its own resources, respectively from the current result of the activity.
To date, NAVROM has contracted with SEVERNAV a number of eight EUROPA 2 barges. Of the four units contracted in spring 2023, the first was launched in October and the second is scheduled for November, according to TTS representatives.
“The contracted EUROPA 2 barges are equipped with sets of aluminum covers and have dimensions of 77 m in length and 11 m in width, which gives them great flexibility in operation, being able to transport any type of solid bulk cargo – agricultural products, mineral raw materials, products chemical, as well as oversized equipment. The optimal loading degree is 1,700 tons at a draft of 2.8 meters,” the report reads.
The report also shows that the EUROPA 2 barge construction program is part of the modernization process of the non-propelled fleet that will continue in the years to come. This investment will lead to an increase in the operational efficiency of the fleet of non-propelled vessels, with reflection in the consolidated operational results of TTS Group.
TTS shares have traded 103% higher so far in 2023, amid deals worth RON223 million and a market capitalization of RON1.4 billion.