SOURCE: Euroseas

November 02, 2007 09:00 ET

Euroseas Ltd. Takes Delivery of Its 15th Vessel

MAROUSSI, GREECE and ATHENS, GREECE--(Marketwire - November 2, 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 Trust Jakarta, to be renamed Ioanna P, a Panamax drybulk vessel of 64,873 dwt built in 1984 in Japan. The vessel was acquired for approximately $28.6 million and was delivered with a time charter attached until July 2008 at a rate of $35,500 per day. The vessel has been partly financed with a bank loan of approximately $15 million.

On the basis of our fixed spot and existing time charters (including the M/V Ioanna P time charter) approximately 92% of our vessel capacity in the fourth quarter of 2007 and approximately 46% in 2008 are fixed, which will help protect us from market fluctuations.

Fleet Profile:

                                             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