Year TCERate
Name Type Dwt TEU Built Employment ($/day)
------------ ----------- --------- ------- ------- ---------- ------------
Dry Bulk
Vessels
------------ ----------- --------- ------- ------- --------- ------------
Baumarine
Pool -
until end $17,000 to
IRINI (1) Panamax 69,734 1988 2008 $20,000 (*)
----------- --------- ------- ------- --------- ------------
TC until
ARISTIDES N.P. Panamax 69,268 1993 Jan-08 $29,000
----------- --------- ------- ------- --------- ------------
IOANNA P.
(EX-TRUST TC until
JAKARTA) Panamax 64,873 1984 Aug-08 $35,500
----------- --------- ------- ------- --------- ------------
TC until
late
NIKOLAOS P. Handysize 34,750 1984 Nov-07 $21,300
----------- --------- ------- ------- --------- ------------
$43,250
until
Nov-07
$57,000
until
GREGOS Handysize 38,691 1984 Spot Jan-08
----------- --------- ------- ------- --------- ------------
Total Dry
Bulk Vessels 5 277,316
----------- --------- ------- ------- --------- ------------
Multipurpose
Dry Cargo
Vessels
----------- --------- ------- ------- --------- ------------
$8,850
until
Dec-08,
$9,500
until
TASMAN TRADER 1 22,568 950 1990 TC until Dec-10,
Mar-12 $9,000
until
Mar-12
----------- --------- ------- ------- --------- ------------
Container
Carriers
----------- --------- ------- ------- --------- ------------
TIGER BRIDGE
(EX-CITY OF TC until
HAMBURG) Intermediate 31,627 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 Nov-07(2) $17,000
----------- --------- ------- ------- --------- ------------
Undergoing
scheduled
drydock-
JONATHAN P Handysize 33,667 1,932 1990 king(3) ---
----------- --------- ------- ------- --------- ------------
CLAN TC until
GLADIATOR Handysize 30,007 1,742 1992 Apr-08 $19,000
----------- --------- ------- ------- --------- ------------
TC until
YM XINGANG I Handysize 23,596 1,599 1993 Jul-09 $26,650
----------- --------- ------- ------- --------- ------------
TC until
MANOLIS P Handysize 20,346 1,452 1995 Mar-08 $13,450
----------- --------- ------- ------- --------- ------------
NINOS
(ex-YM TC until
QINGDAO I) Feeder 18,253 1,169 1990 Apr-08 $12,800
----------- --------- ------- ------- --------- ------------
$12,000
'til
Dec-07
$15,800
TC until 'til
KUO HSIUNG Feeder 18,154 1,169 1993 Feb-09 Feb-09
----------- --------- ------- ------- --------- ------------
Total
Container
Carriers 9 239,010 15,321
----------- --------- ------- ------- --------- ------------
Fleet Grand
Total 15 538,894 16,271
----------- --------- ------- ------- --------- ------------
The fleet profile of Euroseas is as follows:
(1) "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.
(2) Despina P is scheduled to undergo dry-docking after the completion of
its current charter. The vessel will be re-chartered after its dry-docking
is complete.
(3) Jonathan P is currently undergoing scheduled dry-docking. The vessel
will be re-chartered after its dry-docking is complete.
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.
The Company has 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 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: 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