SOURCE: Euroseas

Euroseas

September 02, 2009 09:41 ET

Euroseas Ltd. Announces Two-Year Time Charter Agreement

MAROUSSI, ATHENS, GREECE--(Marketwire - September 2, 2009) - 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 a subsidiary of the Company has entered into an approximately two-year time charter agreement for the M/V "Pantelis," a 74,020 dwt, 2000 built Panamax bulk carrier, at a gross daily rate of $17,500. The charter will commence upon completion of its present charter estimated to be completed between December 7, 2009 and March 7, 2010.

Following this charter, approximately 66% of Euroseas total fleet days for the remaining four months of 2009 and approximately 45% in 2010 are secured under period charters or Forward Freight Agreements (FFAs).

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

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