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