SOURCE: Euroseas

EUROSEAS

June 23, 2010 08:00 ET

Euroseas Ltd. Announces Delivery and Employment of Recently Acquired Vessel and Reactivation of Laid-Up Vessel

ATHENS, GREECE--(Marketwire - June 23, 2010) -  Euroseas Ltd., (NASDAQ: ESEA), an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that it has taken delivery of the M/V Oder Trader, an intermediate containership of 2,008 twenty foot equivalent units (teu) built in 1998 in Poland. The vessel, acquired for $15.85 million as previously announced, will be renamed M/V Aggeliki P.

The Company also announced that the vessel has entered in a time charter contract for a minimum of eleven to a maximum of thirteen months at a gross daily rate of $7,000 with a major European charterer. The charter will commence about the end of June 2010.

Furthermore, the Company announced the reactivation of the M/V Despina P, a handysize containership of 1,932 teu built in 1990, which has been laid-up since March 2009. The vessel has entered in a time charter contract for about 6 months at a gross daily rate of $7,500. The charter will commence in the first half of July 2010.

Following the delivery of the M/V Aggeliki P and the employment contracts of the M/V Aggeliki P and the M/V Despina P, approximately 87% of Euroseas containership fleet days in 2010 and approximately 38% in 2011 will be fixed under period charters.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce the reactivation of one of our laid-up vessels along with the delivery and chartering of our new containership acquisition. The market is giving us clear signs of recovery evidenced by the fact that the idle containership fleet is being absorbed at a pace which was not expected even by the most optimistic views just a few months ago. We are confident that we will soon be able to reactivate and employ our second laid-up vessel as well."

Fleet Profile:

As of June 23, 2010, the profile and deployment of our fleet is the following:

Name Type Dwt TEU Year Built Employment
TCE Rate ($/day)

Dry Bulk Vessels
           
PANTELIS Panamax 74,020   2000 TC 'til Feb-12 $17,500

ELENI P
Panamax 72,119   1997
TC 'til May/Aug-10
Then 'til Aug-12
(currently detained off the coast of Somalia after being hijacked)
$15,350
$23,500
IRINI (*) Panamax 69,734   1988 Baumarine Pool  

ARISTIDES N.P.

Panamax

69,268
 
1993
 TC 'til Mar-12
$18,900

MONICA P (**)

Handymax

46,667
 
1998

Bulkhandling Pool
 
Total Dry Bulk Vessels
5
331,808        
Multipurpose Dry Cargo Vessels            
TASMAN TRADER
1

22,568

950

1990

TC 'til Mar-12
$9,500 'til Dec-10,
$9,000 'til Mar-12

Container Carriers
           
MAERSK NOUMEA Intermediate 34,677 2,556 2001 TC 'til Aug-11
(3 annual options 'til Aug-14)
$16,800 'til Aug 11
$18,735 'til Aug 12
$19,240 'til Aug 13
$19,750 'til Aug 14

TIGER BRIDGE

Intermediate

31,627

2,228

1990

TC 'til Jun-10
(option 'til Mar-11)
(option 'til Mar-12)

$4,000
$4,000
 $7,500
AGGELIKI P Intermediate 30,360 2,008 1998 TC' Til May-11 $7,000

DESPINA P

Handy size

33,667

1,932

1990

TC'til Dec-10

 $7,500

JONATHAN P
(ex- OEL INTEGRITY)

Handy size

33,667

1,932

1990

Laid-up
 

CAPTAIN COSTAS
(ex-OEL TRANSWORLD)

Handy size

30,007

1,742

1992

Monthly options TC
'til Mar-11

$4,250

YM PORT KELANG (ex-MASTRO NICOS, ex- YM XINGANG I)

Handy size

23,596

1,599

1993

TC 'til Nov-10
(option 'til Nov-11)

$3,750
$5,900

MANOLIS P

Handy size

20,346

1,452

1995

TC 'til Oct-10
(option 'till Oct-11)

$4,000
CONTEX less 10%
(***)

NINOS
(ex-YM QINGDAO I)

Feeder

18,253

1,169

1990

 TC 'til Jun-10
Thereafter TC Til March-11
 $4,200
 $6,800


KUO HSIUNG

Feeder

18,154

1,169

1993
Monthly options TC
'til Dec-10
(option 'til Jun-11)

$3,850
$5,300

Total Container Carriers
9 274,354 17,787      
Fleet Grand Total 15 628,730 18,737      

(*) "Irini" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk area.
(**) "Monica P" is employed in the Bulkhandling spot pool that is managed by Klaveness, a major global charterer in the drybulk area.
(***) CONTEX is a charter market index for 1,700 teu containership vessels.

About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ESEA.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 10 containerships have a cargo capacity of 17,787 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including our expected joint venture and vessel acquisitions and time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels and containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Visit our website www.euroseas.gr

Contact Information

  • Company Contact
    Tasos Aslidis
    Chief Financial Officer
    Euroseas Ltd.
    11 Canterbury Lane,
    Watchung, NJ 07069
    Tel. (908) 301-9091
    E-mail: aha@euroseas.gr

    Investor Relations / Financial Media
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566
    E-mail: nbornozis@capitallink.com