Fleet Profile:
Euroseas Ltd. fleet profile is as follows:
Year Time Charter
Name Type Dwt TEU Built Employment* Rate (per day)
------------ ------- ------ ----- --------------- --------------
Drybulk
Vessels
------------ ------- ------ ----- --------------- --------------
TC until Dec.
PANTELIS Panamax 74,020 2000 2009 / $25,200/
then until then
Nov. 2011 $17,500
------------ ------- ------ ----- --------------- --------------
TC until May
ELENI P Panamax 72,119 1997 2010 $15,350
------------ ------- ------ ----- --------------- --------------
IRINI (1) Panamax 69,734 1988 Baumarine Pool
------------ ------- ------ ----- --------------- --------------
ARISTIDES TC until Dec.
N.P. Panamax 69,268 1993 2009 $12,350
------------ ------- ------ ----- --------------- --------------
MONICA P Bulkhandling
(2) Handymax 46,667 1998 Pool
------------ ------- ------ ----- --------------- --------------
GREGOS Handysize 38,691 1984 Spot
Total Drybulk
Vessels 6 370,499
Multipurpose
Dry Cargo
Vessels
------------ ------- ------ ----- --------------- --------------
TASMAN 22,568 950 1990 TC until Feb. $ 9,500
TRADER 2012 until Feb 2010
$ 9,000
until Feb 2012
------------ ------- ------ ----- --------------- --------------
Total
Multipurpose
Dry Cargo
Vessels 1 22,568 950
------------ ------- ------ ----- --------------- --------------
Container Ships
------------ ------- ------ ----- --------------- --------------
MAERSK TC until June
NOUMEA Intermediate 34,654 2,556 2001 2011(3) $16,800
------------ ------- ------ ----- --------------- --------------
TIGER TC until March
BRIDGE Intermediate 31,627 2,228 1990 2010 $ 7,500
------------ ------- ------ ----- --------------- --------------
ARTEMIS Intermediate 29,693 2,098 1987 Laid-up
------------ ------- ------ ----- --------------- --------------
DESPINA P Handysize 33,667 1,932 1990 Laid-up
------------ ------- ------ ----- --------------- --------------
JONATHAN P
(ex-OEL
INTEGRITY) Handysize 33,667 1,932 1990 Laid-up
------------ ------- ------ ----- --------------- --------------
CAPTAIN COSTAS
(ex-OEL
TRANSWORLD) Handysize 30,007 1,742 1992 Open
------------ ------- ------ ----- --------------- --------------
MASTRO NICOS
(ex-YM
XINGANG I) Handysize 23,596 1,599 1993 Open
------------ ------- ------ ----- --------------- --------------
TC until Sep.
MANOLIS P Handysize 20,346 1,452 1995 2009 $15,800
------------ ------- ------ ----- --------------- --------------
NINOS
(ex-YM TC until Apr.
QINGDAO I) Feeder 18,253 1,169 1990 2010 $ 8,060
------------ ------- ------ ----- --------------- --------------
TC until Dec.
KUO HSIUNG Feeder 18,154 1,169 1993 2009(4) $ 3,850
------------ ------- ------ ----- --------------- --------------
Total
Container
Ships 10 273,687 17,877
leet Grand
Total 17 666,754 18,827
* TC denotes time charter. All dates listed are the earliest redelivery
dates under each TC.
(1) "Irini" is employed in the Baumarine spot pool that is managed by
Klaveness, a major global charterer in the drybulk market.
(2) "Monica P" is employed in the Bulkhandling spot pool that is also
managed by Klaveness.
(3) The charterer of the "Maersk Noumea" has three annual options to extend
the time charter until August 2014. The first annual option is at a time
charter rate of $18,735/day until August 2012. The second annual option is
at a time charter rate of $19,240/day until August 2013. The third annual
option is at a time charter rate of $19,750/day until August 2014.
(4) The charterer of the "Kuo Hsiung" has an option to extend the time
charter for an additional six months at a charter rate of $3,850/day until
June 2010
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 17 vessels, including 4 Panamax drybulk
carriers, 1 Handymax drybulk carrier, 1 Handysize drybulk carrier, 3
Intermediate container ships, 5 Handysize container ships, 2 Feeder
container ships and a multipurpose dry cargo vessel. Euroseas` 6 drybulk
carriers have a total cargo capacity of 370,499 dwt, its 10 container ships
have a cargo capacity of 17,787 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.
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: euroseas@capitallink.com