SOURCE: Euroseas

EUROSEAS

November 23, 2011 09:18 ET

Euroseas Ltd. Announces Time Charter Extension for Its Container Vessel Despina P and Earlier Dry Docking of Container Vessel Captain Costas

MAROUSSI, ATHENS, GREECE--(Marketwire - Nov 23, 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 extended for approximately one year (until March 1, 2013) its time charter agreement, for the vessel Despina P, a 1932 teu, 1990 built Handysize containership, at a gross daily rate of $7,000. The new rate will commence on January 19, 2012.

Following the above mentioned charter, approximately 30% of Euroseas' total container fleet days for 2012 and approximately 6% in 2013 are secured under period charters.

Furthermore, the Company has decided to accelerate the scheduled dry docking of the containership Captain Costas and perform it during this challenging period. The dry docking was originally scheduled for the summer of 2012.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "The container market has been witnessing a significant correction during the last six months and has now entered into the traditionally low period which usually lasts until after the Chinese new year (end of January for 2012) when volumes start to pick up again. We had four vessels opening up during this challenging period. We are happy to have been able to extend the time charter on the Despina P and our decision to accelerate the scheduled dry docking of the Captain Costas reflects our belief that we can utilise currently idle time so that the ship will not need to lose time in the summer when we expect to see improvements in the market. We have also been able to fix employment for the containership Jonathan P for a minimum of 21 to a maximum of 70 days so the only vessel currently idle is the containership Marinos (ex YM Port Kelang). We continue to believe that provided the world economy grows at levels close to the 4% mark we should see a reversal of the fortunes of the container sector as of Q2 2012. We also think that the presently soft market may offer us opportunities to buy further vessels in both the container and drybulk sectors at depressed prices and we continue to scan the markets accordingly."

As of November 22 2011, the Company's fleet profile is as follows

Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:

Name Type Dwt TEU Year Built Employment*
TCE Rate ($/day)
Dry Bulk Vessels
PANTELIS Panamax 74,020 2000 TC 'til Mar-12
Thereafter TC 'til Feb-14 +
1 Year in Charterers Option
$17,500
$11,200 +50/50 Profit Share
$14,200
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 'til May-12 $14,950

MONICA P

Handymax

46,667

1998

TC 'til Sep-13
$12,375
Total Dry Bulk Vessels
5
331,808
Multipurpose Dry Cargo Vessels
TASMAN TRADER
1

22,568

950

1990

TC 'til Mar-12
$9,000

Container Carriers
MAERSK NOUMEA Intermediate 34,677 2,556 2001 TC 'til Jun-13 $15,750

TIGER BRIDGE

Intermediate

31,627

2,228

1990

TC 'til Feb-12

$7,500

AGGELIKI P

Intermediate

30,360

2,008

1998

TC 'til Feb-12

$12,500

DESPINA P

Handy size

33,667

1,932

1990

TC 'til Jan-12
Thereafter TC 'til
Mar-13

$8,500

$7,000

JONATHAN P
(ex-OEL INTEGRITY)

Handy size

33,667

1,932

1990

TC 'til Dec-11

$6,700

CAPTAIN COSTAS
(ex-OEL TRANSWORLD)

Handy size

30,007

1,742

1992

Open-in DD

MARINOS (ex-YM PORT KELANG, ex-MASTRO NICOS,)

Handy size

23,596

1,599

1993

Open

MANOLIS P

Handy size

20,346

1,452

1995

TC 'til Feb-12
$10,500

NINOS
(ex-YM QINGDAO I)

Feeder

18,253

1,169

1990

TC 'til Jun-12

$11,200

KUO HSIUNG

Feeder

18,154

1,169

1993

TC 'til Jun-12

$11,200

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. DD denotes dry docked.

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
    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