SOURCE: Euroseas

February 27, 2007 08:45 ET

Euroseas Ltd. Announces Updates to Its Fleet Profile

MAROUSSI, ATHENS, GREECE -- (MARKET WIRE) -- February 27, 2007 -- Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that on February 22, 2007, it took delivery of the M/V Gregos (ex M/V Triada), a 38,434 dwt Handysize drybulk carrier built in 1984 in Japan; the vessel was acquired for $13.1 million. Euroseas also announced that on February 22, 2007 delivered to its buyers, the M/V "Ariel," a handysize drybulk carrier of 33,712 dwt built in 1977. M/V Ariel was sold for $5.35 million; Euroseas expects to realize approximately a $3.4 million gain on the sale.

Fleet Profile:

The Euroseas Ltd. fleet profile after the sale of m/v Ariel and the delivery to it fleet of m/v Gregos is as follows:

Name            Type      Dwt    TEU  Year   Employment     TCE
                                      Built                 Rate
Dry Bulk Vessels
IRINI       Panamax      69,734        1988  Baumarine      $17,000 to
                                             Pool - 'til    $20,000
                                             end 2008
 N.P.       Panamax      69,268        1993   TC 'til       $29,000
NIKOLAOS P. Handysize    34,750        1984    Spot         $17,000
GREGOS      Handysize    38,434        1984    Spot         $18,880
Total Dry
 Vessels    4           212,186

Multipurpose Dry Cargo Vessels
 TRADER     1            22,568    950 1990   TC 'til  $8,850 'til Dec-08,
                                              Mar-12   $9,950 'til Dec-10,
                                                       $9,000 'til Mar-12
Container Carriers
ARTEMIS     Intermediate 29,693  2,098 1987   TC 'til       $19,000
 XINGANG I  Handysize    23,596  1,599 1993   TC 'til       $26,650
 QINGDAO I  Feeder       18,253  1,169 1990   TC 'til       $11,900
KUO HSIUNG  Feeder       18,154  1,169 1993   TC 'til       $12,000
 Carriers   4            89,696  6,035
 Total      9           324,450  6,935

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. As of January 31, 2007, Euroseas trades on the NASDAQ Global Market under the ticker ESEA (previously it traded on the Over The Counter Bulletin Board under the ticker symbol EUSEF.OB).

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 9 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk carriers, 1 Intermediate container ship, 1 Handysize container ship, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 212,186 dwt, its 4 container ships have a cargo capacity of 6,235 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.

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Contact Information

  • Company Contact
    Tasos Aslidis
    Chief Financial Officer
    Euroseas Ltd.
    2693 Fair View Drive
    Mountainside, NJ 07092
    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