SOURCE: Euroseas

January 30, 2008 09:26 ET

Euroseas Ltd. Announces One Year Time Charter Agreements for Two of Its Container Ships

MAROUSSI, GREECE and ATHENS, GREECE--(Marketwire - January 30, 2008) - 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 subsidiaries of the Company have entered into one year time charterer extensions for two of its containership vessels, the M/V "Ninos" and the M/V "Despina P."

The M/V "Ninos," a 1,169 teu, 1990 built feeder container ship, has extended its time charter for an additional one-year at a gross daily rate of $13,175, $375 per day higher than the present charter rate. The charter extension will commence on April 29, 2008.

The M/V "Despina P," a 1,932 teu, 1990 built handysize container ship, has entered in a time charter for one year at a gross daily rate of $15,250 representing a $500 per increase over the daily rate of its current short term charter. The charter will commence on February 19th, 2008.

Following these charters, approximately 60% of Euroseas total fleet days in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to announce that we have secured two of our containerships on profitable time charters which is in line with our strategy of seeking a steady revenue stream while further enhancing shareholder returns. Our outlook on the container sector remains positive for the long term as we expect the current stability in charter rates to remain intact."

The Euroseas Ltd. fleet profile is as follows:

                                             Year                 TCERate
Name           Type        Dwt       TEU     Built  Employment    ($/day)
------------  ----------- --------- ------- ------- ---------- ------------

Dry Bulk
 Vessels
------------  ----------- --------- ------- ------- ---------  ------------
                                                    Baumarine
                                                    Pool -
                                                    until end   $17,000 to
 IRINI (*)      Panamax    69,734            1988   2008        $20,000
              ----------- --------- ------- ------- ---------  ------------
                                                     TC 'til
 ARISTIDES N.P. Panamax    69,268            1993    Jan-08     $29,000
              ----------- --------- ------- ------- ---------  ------------
                                                     TC 'til
 IOANNA P.      Panamax    64,873            1984    Aug-08     $35,500
              ----------- --------- ------- ------- ---------  ------------
 NIKOLAOS P.    Handysize  34,750            1984     Spot      $34,000
              ----------- --------- ------- ------- ---------  ------------

 GREGOS         Handysize  38,691            1984     Spot      $45,000
              ----------- --------- ------- ------- ---------  ------------
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 'til    Dec-10,
                                                      Mar-12    $9,000
                                                                 until
                                                                 Mar-12
              ----------- --------- ------- ------- ---------  ------------

 Container
 Carriers
              ----------- --------- ------- ------- ---------  ------------
                                                     TC 'til
 TIGER BRIDGE Intermediate 31,627    2,228   1990    Jul-09     $16,500
              ----------- --------- ------- ------- ---------  ------------
                                                     TC 'til
 ARTEMIS      Intermediate 29,693    2,098   1987    Dec-08     $19,000
              ----------- --------- ------- ------- ---------  ------------
                                                                $14,750
                                                                 until
                                                                 Feb-08,
                                                                $15,250
                                                     TC 'til     until
 DESPINA P     Handysize   33,667    1,932   1990    Feb-09      Feb-09
              ----------- --------- ------- ------- ---------  ------------
 JONATHAN P     Handysize  33,667     1,932   1990    Spot         N/A
              ----------- --------- ------- ------- ---------  ------------
 CLAN                                                TC 'til
  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
              ----------- --------- ------- ------- ---------  ------------
                                                                $12,800
                                                                 until
                                                                 Apr-08,
                                                                $13,175
 NINOS (ex-YM                                        TC 'til     until
  QINGDAO I)    Feeder     18,253     1,169   1990   Apr-09      Apr-09
              ----------- --------- ------- ------- ---------  ------------
                                                     TC 'til
 KUO HSIUNG     Feeder     18,154     1,169   1993   Feb-09     $15,800
              ----------- --------- ------- ------- ---------  ------------
Total
 Container
 Carriers      9           239,010   15,321
              ----------- --------- ------- ------- ---------  ------------
Fleet Grand
 Total         15          538,894   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 "short" funds (contracts to carry cargo at agreed rates), reducing its exposure to the spot market. "IRINI" has about 42% coverage for 2008. 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.

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 ships, 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, 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