SOURCE: Euroseas

EUROSEAS

January 12, 2011 09:34 ET

Euroseas Ltd. Announces Time Charter Agreement for Its Panamax Bulk Carrier M/V Aristides N P

MAROUSSI, ATHENS, GREECE--(Marketwire - January 12, 2011) - Euroseas Ltd., (NASDAQ: ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has entered into time charter agreement for the following vessel:

M/V Aristides N P, a 69,268 dwt, 1993 built Panamax bulk carrier, has been chartered until May 2012 at a gross daily rate of $14,950. The charter will commence upon completion of its present charter within the next few days and might be terminated [a month or extended by a month at the option of the charterer. This employment is expected to generate approximately $7.2 million of gross revenues during the period of the charter.

Following the above mentioned charter, approximately 66% of Euroseas total fleet days for 2011 and approximately 18% in 2012 are secured under period charters or Forward Freight Agreements (FFAs)**. Thus all drybulk vessels are fully covered for 2011 and 50% covered for 2012.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have secured time charter Agreement for M/V Aristides NP in this challenging environment at levels which are accretive to our earnings. We believe that this fixture will provide us with substantial additional secured cash for the next year and a half, allowing us more flexibility in pursuing further growth opportunities."

As of January 12, 2011, Euroseas Ltd. fleet profile is as follows:


                                       Year
Name           Type       Dwt    TEU   Built  Employment    TCERate ($/day)
           ============ ======= ====== ==== ==============  ===============
Dry Bulk
 Vessels
           ============ ======= ====== ==== ==============  ===============
PANTELIS        Panamax  74,020        2000  TC til Feb-12  $17,500
           ============ ======= ====== ==== ==============  ===============
ELENI P         Panamax  72,119        1997 TC 'til Jan-13  $16,500
           ============ ======= ====== ==== ==============  ===============
IRINI           Panamax  69,734        1988 TC 'til Apr-13  $14,000
           ============ ======= ====== ==== ==============  ===============
ARISTIDES N.P.  Panamax  69,268        1993 TC'till May-12  $14,950
           ============ ======= ====== ==== ==============  ===============
MONICA P(*)    Handymax  46,667        1998 Bulkhandling Pool
           ============ ======= ====== ==== ==============  ===============
Total Dry Bulk
 Vessels              5 331,808
           ============ ======= ====== ==== ==============  ===============
Multipurpose Dry
 Cargo Vessels
           ============ ======= ====== ==== ==============  ===============
                                                            $9,500 'til
                                                             Dec-10,
                                                            $9,000 'til
TASMAN TRADER         1  22,568    950 1990 TC 'til Mar-12   Mar-12
           ============ ======= ====== ==== ==============  ===============
Container
 Carriers
           ============ ======= ====== ==== ==============  ===============
                                                            $16,800 'til
                                                             Aug-11
                                                            $18,735 'til
                                                             Aug-12
                                            TC 'til Aug-11  $19,240 'til
                                             (3 annual       Aug-13
MAERSK                                        options       $19,750 'til
 NOUMEA    Intermediate  34,677  2,556 2001  'til Aug-14)    Aug-14
           ============ ======= ====== ==== ==============  ===============
                                            TC 'til Mar-11  $4,000
TIGER                                       Option
 BRIDGE    Intermediate  31,627  2,228 1990  til Mar-12     $7,500
           ============ ======= ====== ==== ==============  ===============
AGGELIKI P Intermediate  30,360  2,008 1998 TC 'til May-11  $7,000
           ============ ======= ====== ==== ==============  ===============
DESPINA P    Handy size  33,667  1,932 1990    In Dry-dock
           ============ ======= ====== ==== ==============  ===============
JONATHAN P
 (ex-OEL
 INTEGRITY)  Handy size  33,667  1,932 1990 TC til April-11 $9,000
           ============ ======= ====== ==== ==============  ===============
CAPTAIN COSTAS
 (ex-OEL                                    Monthly options
 TRANSWORLD)  Handy size  30,007  1,742 1992 TC'til Mar -11 $4,250
           ============ ======= ====== ==== ==============  ===============
YM Port Klang
 (ex-Mastro
  Nicos)     Handy size  23,596  1,599 1993 TC 'til Nov-11  $5,900
           ============ ======= ====== ==== ==============  ===============
MANOLIS P    Handy size  20,346  1,452 1995 TC 'til May-11  $7,699
           ============ ======= ====== ==== ==============  ===============
NINOS (ex-YM
 QINGDAO I)      Feeder  18,253  1,169 1990 TC 'til Mar-11  $6,800
           ============ ======= ====== ==== ==============  ===============
KUO HSIUNG       Feeder  18,154  1,169 1993 TC 'til Jun-11  $5,300
           ============ ======= ====== ==== ==============  ===============
Total Container
 Carriers            10 274,354 17,787
           ============ ======= ====== ==== ==============  ===============
Fleet Grand
 Total               16 628,730 18,737
           ============ ======= ====== ==== ==============  ===============

TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.

(*) "Monica P" is employed in the Bulkhandling spot pool that is managed by Klaveness, a major global charterer in the drybulk area.

(**) The company has concluded a Forward Freight Agreement(FFA) option contract on the panamax index for calendar 2011 for a modern panamax. Such a contract serves as an approximate hedge to one of our panamax vessels for 2011 effectively locking in a rate between $16,500 and $23,500.

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.

Visit our website www.euroseas.gr

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