SOURCE: Euroseas

April 26, 2007 16:07 ET

Euroseas Ltd. Announces One Year Time Charter Agreement for Container Ship

MAROUSSI, GREECE and ATHENS, GREECE -- (MARKET WIRE) -- April 26, 2007 -- Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has entered into an one-year period time charter agreement with Hull & Hatches Logistics (Dubai) for the M/V "Quingdao I," a 1,169 teu, 1990 built feeder container ship, at a gross daily rate of $12,800. The vessel was renamed M/V "Ninos." Following this charter, approximately 88% of Euroseas total fleet days in 2007 and, approximately, 40% in 2008 are fixed under period charters, already concluded spot charters, or otherwise protected from market fluctuations.

The rate of the new charter of M/V "Ninos" (ex- M/V "Quingdao I") represents an improvement of $900 per day over the daily charter rate the vessel earned during a three year period charter that ended in March 2007. After a short charter during April 2007, M/V "Ninos" completed its intermediate survey and dry-docking; it is scheduled to commence the new charter on April 28, 2007.

Fleet Profile:

The Euroseas Ltd. fleet profile is as follows:

                                          Year                 TCE Rate
  Name          Type       Dwt      TEU   Built  Employment     ($/day)
---------   ------------ --------- ------ ------ ---------- ---------------
Dry Bulk

IRINI            Panamax    69,734          1988 Baumarine       $17,000 to
                                                    Pool -       $20,000(*)
                                                  'til end
 N.P.            Panamax    69,268          1993   TC 'til       $29,000

 P.            Handysize    34,750          1984   TC 'til       $21,300

GREGOS         Handysize    38,691          1984       Spot      $22,500

Total Dry
 Vessels               4   212,443

 Dry Cargo

 TRADER                                             TC 'til     $8,850 'til
                       1     22,568   950   1990     Mar-12  Dec-08, $9,500
                                                               'til Dec-10,
                                                                $9,000 'til


ARTEMIS     Intermediate     29,693 2,098   1987    TC 'til         $19,000

 I             Handysize     23,596 1,599   1993    TC 'til         $26,650

MANOLIS P      Handysize     20,346 1,452   1995    TC 'til         $13,450

 QINGDAO I)       Feeder     18,253 1,169   1990    TC 'til         $12,800

KUO HSIUNG        Feeder     18,154 1,169   1993    TC 'til         $12,000
 Carriers              5    110,042 7,487

Fleet Grand
 Total                10    345,053 8,437

(*) The owning company of m/v "Irini" participates in 2 short funds (contracts of affreightment to carry cargo) that provide an effective coverage of m/v "Irini" for 77% in 2007 and 42% in 2008. The combination of the short funds and pool employment secures the mentioned rate range for the percent of the earnings mentioned above respectively in 2007 and 2008.

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. As of January 31, 2007, Euroseas trades on the NASDAQ Global Market under the ticker ESEA (previously it traded on the Over The Counter Bulletin Board under the ticker symbol EUSEF.OB).

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 10 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk carriers, 1 Intermediate container ship, 2 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 212,186 dwt, its 5 container ships have a cargo capacity of 7,487 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, 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

    Company Contact
    Investor Relations / Financial Media
    Tasos Aslidis
    Chief Financial Officer
    Euroseas Ltd.
    2693 Fair View Drive
    Mountainside, NJ 07092
    Tel. (908) 301-9091

    Nicolas Bornozis
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566