SOURCE: Euroseas

October 08, 2007 09:41 ET

Euroseas Ltd. Takes Delivery of Its 14th Vessel

MAROUSSI, ATHENS, GREECE--(Marketwire - October 8, 2007) - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers and container ships and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it has taken delivery of the M/V Tiger Bridge, an intermediate container ship of 30,400 dwt and 2,228 twenty-foot equivalent units (teu) built in 1990 in Korea. As previously disclosed, the vessel was acquired for approximately $24.0 million and comes with a period charter attached until July 2009 at a rate of $16,500 per day. Following the delivery of M/V Tiger Bridge and of the contracted to be acquired, M/V Ioanna P, approximately 79% of Euroseas total fleet days in the fourth quarter of 2007 and approximately 45% in 2008 will be fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce that we have taken delivery of the M/V Tiger Bridge, our 14th vessel further enhancing our contracted revenues on our fleet. This acquisition continues our strategy of investing in dry cargo vessels that maximize the return on investment for the benefit of our shareholders. In this context and in connection with the upcoming delivery of our 15th vessel, M/V Ioanna P, our increased cash flow and earning visibility could be utilized for further fleet growth, paying down our debt and continuing our dividend policy."

Fleet Profile:

The fleet profile of Euroseas after delivery of the contracted to be acquired M/V Ioanna P will be as follows:

                                                Year              TCE Rate
Name                    Type       Dwt    TEU   Built Employment  ($/day)
                    ------------ ------- ------ ----- ---------- ----------
Dry Bulk Vessels
                    ------------ ------- ------ ----- ---------- ----------
                                                      Baumarine  $17,000 to
IRINI (*)                Panamax  69,734         1988 Pool-'til  $20,000(*)
                                                       end 2008
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
ARISTIDES N.P.           Panamax  69,268         1993   Jan-08   $   29,000
                    ------------ ------- ------ ----- ---------- ----------
IOANNA P. (EX-TRUST                                     TC 'til
 JAKARTA)                Panamax  64,873         1984   Jul-08   $   35,500
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
NIKOLAOS P.            Handysize  34,750         1984   Nov-07   $   21,300
                    ------------ ------- ------ ----- ---------- ----------
GREGOS                 Handysize  38,691         1984     Spot   $   43,250
                    ------------ ------- ------ ----- ---------- ----------
Total Dry Bulk
 Vessels                       5 277,316
                    ------------ ------- ------ ----- ---------- ----------
                    ------------ ------- ------ ----- ---------- ----------
Multipurpose Dry
 Cargo Vessels
                    ------------ ------- ------ ----- ---------- ----------
                                                                 $8,850'til
                                                                    Dec-08,
TASMAN TRADER                  1  22,568    950  1990   TC 'til  $9,500'til
                                                        Mar-12      Dec-10,
                                                                 $9,000'til
                                                                    Mar-12
                    ------------ ------- ------ ----- ---------- ----------
Container Carriers
                    ------------ ------- ------ ----- ---------- ----------
TIGER BRIDGE
(EX-CITY OF                                             TC 'til
 HAMBURG)           Intermediate  30,400  2,228  1990   Jul-09   $   16,500
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
ARTEMIS             Intermediate  29,693  2,098  1987   Dec-08   $   19,000
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
DESPINA P              Handysize  33,667  1,932  1990   Oct-07   $   17,000
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
JONATHAN P             Handysize  33,667  1,932  1990   Oct-07   $   17,000
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
CLAN GLADIATOR         Handysize  30,007  1,742  1992   Apr-08   $   19,000
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
YM XINGANG I           Handysize  23,596  1,599  1993   Jul-09   $   26,650
                    ------------ ------- ------ ----- ---------- ----------
                                                        TC 'til
MANOLIS P              Handysize  20,346  1,452  1995   Mar-08   $   13,450
                    ------------ ------- ------ ----- ---------- ----------
NINOS                                                   TC 'til
 (ex-YM QINGDAO I)        Feeder  18,253  1,169  1990   Apr-08   $   12,800
                    ------------ ------- ------ ----- ---------- ----------
                                                                 $   12,000
                                                                       'til
                                                         TC 'til     Dec-07
KUO HSIUNG                Feeder  18,154  1,169  1993     Feb-09 $   15,800
                                                                       'til
                                                                     Feb-09
                    ------------ ------- ------ ----- ---------- ----------
Total Container
 Carriers                      9 237,783 15,321
                    ------------ ------- ------ ----- ---------- ----------
Fleet Grand Total             15 537,667 16,271
                    ------------ ------- ------ ----- ---------- ----------

(*) "IRINI" is employed in the Baumarine pool that is managed by Klaveness, a major global charterer in the dry bulk area, and also participates in two "short" funds (contracts to carry cargo at agreed rates), minimizing its exposure to the spot market (covered at 77% for 2007 and 42% for 2008, approximately). The rate mentioned above corresponds only to the fixed portion of the vessels employment. The remaining portion earns the market spot rate.

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 Market under the ticker ESEA since January 31, 2007.

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.

After the acquisition of the M/V Ioanna P, the Company will have a fleet of 15 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 9 container ships will have a cargo capacity of 15,321 teu and its 1 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 expected vessel acquisitions and entering into further 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 dry bulk vessels and container ships, 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.

Contact Information

  • Contact:
    Visit our website www.euroseas.gr

    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