SOURCE: Euroseas

Euroseas

December 23, 2009 09:33 ET

Euroseas Ltd. Announces Two-Year Time Charter Agreement for Its Panamax Bulk Carrier M/V Aristides NP

MAROUSSI, ATHENS, GREECE--(Marketwire - December 23, 2009) - 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 a subsidiary of the Company has entered into a two-year period time charter agreement for the M/V "Aristides NP," a 69,268 dwt, 1993 built Panamax bulk carrier, at a gross daily rate of $18,900. The charter will commence between end February 2010 and mid April 2010.

This employment is expected to generate approximately $13.5 million of gross revenues during the period of the charter. Following this charter, approximately 100% of Euroseas dry bulk fleet days for 2010 and 40 % for 2011 are secured under period charters, or already concluded spot charters, Forward Freight Agreements (FFA's) and are otherwise protected from market fluctuations. For the container fleet, the corresponding coverage is 37% for 2010 and 16% for 2011 making the combined total fleet coverage 57% for 2010 and 23% for 2011. These percentages do not include extension options held by charterers.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We continue to take advantage of the strength of the drybulk market and we are pleased to announce that we have chartered M/V 'Aristides NP' at a favorable rate which enables us to enhance the predictability and strength of our revenues and cash flows. We remain focused in our effort to grow the company and create superior returns for our shareholders."

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:


                                            Year                 TCERate
Name                Type       Dwt    TEU   Built Employment     ($/day)
                ============ ======= ====== ===== ===========  ===========

Drybulk Vessels
                ============ ======= ====== ===== ===========  ===========
                                                   TC 'til
                                                   Jan-10
                                                  Then until    $ 25,200
PANTELIS             Panamax  74,020         2000   Nov-11      $ 17,500
                ============ ======= ====== ===== ===========  ===========
                                                     TC 'til
ELENI P              Panamax  72,119         1997    May-10     $ 15,350
                ============ ======= ====== ===== ===========  ===========
                                                   Baumarine
IRINI (*)            Panamax  69,734         1988    Pool
                ============ ======= ====== ===== ===========  ===========
                                                    TC 'til
                                                  Feb-10 Then
                                                     until      $ 12,350
ARISTIDES N.P.       Panamax  69,268         1993    Feb-12     $ 18,900

                ============ ======= ====== ===== ===========  ===========

                                                  Bulkhandling
MONICA P (**)       Handymax  46,667         1998    Pool
                ============ ======= ====== ===== ===========  ===========
Total Drybulk
 Vessels                  5  331.808
                ============ ======= ====== ===== ===========  ===========
Multipurpose
 Dry Cargo
 Vessels
                ============ ======= ====== ===== ===========  ===========
TASMAN TRADER                                                  $ 9,500 'til
                                                                  Dec-10,
                ============ ======= ====== ===== ===========  ===========
                                                    TC 'til     $ 9,000
                           1  22,568    950  1990   Mar-12     'til Mar-12
                ============ ======= ====== ===== ===========  ===========
Container
 Carriers
                ============ ======= ====== ===== ===========  ===========
                                                    TC 'til    $   16,800
                                                     Aug-11    'til Aug-11
                                                   (3 annual   $   18,735
                                                    options    'til Aug-12
                                                     'til      $   19,240
                                                     Aug-14)    'til Aug-13
                                                               $ 19,750
MAERSK NOUMEA   Intermediate  34,677  2,556  2001              'til Aug-14
                ============ ======= ====== ===== ===========  ===========

                ============ ======= ====== ===== ===========  ===========
                                                    TC 'til
TIGER BRIDGE    Intermediate  31,627  2,228  1990   Mar-10       $ 7,500
                ============ ======= ====== ===== ===========  ===========

                ============ ======= ====== ===== ===========  ===========
DESPINA P         Handy size  33,667  1,932  1990     Laid-up
                ============ ======= ====== ===== ===========  ===========

                ============ ======= ====== ===== ===========  ===========
JONATHAN P
(ex-OEL
 INTEGRITY)       Handy size  33,667  1,932  1990     Laid-up
                ============ ======= ====== ===== ===========  ===========

                                                      TC til
                                                      Dec-09
CAPTAIN COSTAS                                     (2 monthly
(ex-OEL                                            options til
 TRANSWORLD)      Handy size  30,007  1,742  1992      Feb-10)  $ 4,000
                ============ ======= ====== ===== ===========  ===========
                                                    TC 'til      $ 3,750
YM PORT KELANG                                       Nov-10    'til Nov-10
(ex-MASTRO                                          (option
 NICOS, ex-YM                                         'til      ($ 5,900
 XINGANG I)       Handy size  23,596  1,599  1993    Nov-11)   'til Nov11)
                ============ ======= ====== ===== ===========  ===========
                                                     TC 'til     $ 3,850
                                                       Jan-10  'til Jan-10
                                                   (option til   $ 4,000
                                                       Jun-10) 'til Jun-10
                                                               CONTEX less
                                                   (option til   10% 'til
MANOLIS P         Handy size  20,346  1,452  1995      Jun-11)    Jun-11
                ============ ======= ====== ===== ===========  ===========
NINOS
(ex-YM QINGDAO                                      TC 'til
 I)                   Feeder  18,253  1,169  1990    Jan-10      $ 3,900
                ============ ======= ====== ===== ===========  ===========
                                                 TC 'til Mar-10
                                                  (option 'til
                                                    Dec-10)
                                                  (option 'til    $ 3,850
                                                  'til Dec-10    ($ 5,300
KUO HSIUNG            Feeder  18,154  1,169  1993   Jun-11)   'til Jun-11)
                ============ ======= ====== ===== ===========  ===========
Total Container
 Carriers                  9 243,994 15,779
                ============ ======= ====== ===== ===========  ===========
Fleet Grand
 Total                    15 598,370 16,729
                ============ ======= ====== ===== ===========  ===========

Note: TC denotes time charter. All dates listed are the earliest redelivery dates under each TC. All extension option are in favour of the charterers.

(*) "Irini" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk market.

(**) "Monica P" is employed in the Bulkhandling spot pool that is also managed by Klaveness.

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 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 2 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 9 containerships have a cargo capacity of 15,779 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