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
Euroseas Ltd. Declares Quarterly Dividend of $0.25 per Common Share
| Source: Euroseas
MAROUSSI, ATHENS, GREECE--(Marketwire - July 18, 2007) - Euroseas Ltd. (NASDAQ : ESEA ), an
owner and operator of drybulk and container carrier vessels and a provider
of seaborne transportation for drybulk and containerized cargoes, announced
today that it has declared a dividend of $0.25 per common share for the
second quarter of 2007. The dividend is payable on August 24, 2007 to all
shareholders of record as of August 15, 2007. This dividend marks an
increase of 4.2% from the prior quarter's dividend of $0.24 per share.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are happy to
be in a position to pay a dividend of $0.25 per share which is $0.01 per
share or 4.2% above our target minimum dividend. I would like to highlight
that this quarterly dividend is to be paid also to our new shareholders
from our recent follow-on offering and, thus, in dollar terms represents a
37% increase over the prior quarter's dividend. At the same time, this
dividend increase does not compromise our growth strategy as it still
represents only a portion of our earnings and cash flow and does not
include contributions from the vessels we have started acquiring using the
proceeds from that offering. Our focus remains to continue investing the
proceeds from our recent offering on accretive acquisitions."
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.
After delivery to its fleet in August and September 2007 of 2
containerships the Company recently agreed to acquire, the Company will
have a fleet of 13 vessels, including 2 Panamax drybulk carriers, 2
Handysize drybulk carriers, 1 Intermediate container ship, 5 Handysize
container ships, 2 Feeder container ships and a multipurpose dry cargo
vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 212,443
dwt, its 8 container ships have a cargo capacity of 13,093 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