SOURCE: Euroseas


December 13, 2010 09:00 ET

Euroseas Ltd. Announces the Safe Release From the Somali Pirates of the Eleni P and All of Its Crew Members

MAROUSSI, ATHENS, GREECE--(Marketwire - December 13, 2010) - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that M/V Eleni P, a 72,119 dwt, 1997 built Panamax bulk carrier, was safely released along with all of its 23-member crew members from Somali pirates on December 11, 2010. The vessel was originally seized by the pirates on May 12, 2010 while on passage from Yuzhny, Ukraine to China fully loaded with a cargo of Iron Ore.

After her release, the vessel is en route under her own power to a port of refuge. All the crew is as well as it can be expected after their ordeal and they are going to be re-united with their families a few days after arrival at the port of refuge. Following emergency repairs at the port of refuge, the vessel is expected to continue her voyage to the discharging port with a new crew on board.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are delighted to report that the Eleni P and its crew have been safely released from the Somali pirates. On behalf of Euroseas and our Board of Directors I would like to thank all the officers, crew members and their families for the bravery, resilience and patience they showed and their support for and confidence in Euroseas throughout this very difficult period. Piracy is a major global concern and whilst gradually the shipping industry is finding the means for limiting economic consequences through various new insurance schemes, clearly this should not make us complacent as it is totally unacceptable in today's modern times for the crew to have to undergo such an ordeal."

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 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 10 containerships have a cargo capacity of 17,787 teu and its 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.

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Contact Information

  • Company Contact

    Tasos Aslidis
    Chief Financial Officer
    Euroseas Ltd.
    11 Canterbury Lane
    Watchung, NJ 07069
    Tel. (908) 301-9091

    Investor Relations / Financial Media

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