MAROUSSI, ATHENS, GREECE--(Marketwired - Jun 18, 2013) - Euroseas Ltd., (
Furthermore, the Company announced that it signed a memorandum of agreement to purchase the M/V Wehr Flottbek, a geared containership of 22,301 dwt and 1,738 teu built in 1999 for approximately $5.9 million. The vessel, to be renamed "Joanna", is expected to be delivered to the Company by the end of June 2013.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "With containership prices having again dropped near their all-time low levels, we believe, it is an opportunity to renew our fleet at minimal capital cost. In that respect, we have sold for scrap our vessel M/V Anking, a 1990 built multipurpose vessel, and invested the proceeds along with an incremental investment of less than $2.5 million in a vessel which is 9 years younger, almost twice as large and more flexible commercially."
After the sale of M/V Anking and the acquisition of M/V Wehr Flottbek, Euroseas Ltd. fleet profile will be as follows:
| Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/day) | ||||||
| Dry Bulk Vessels | ||||||||||||
| PANTELIS | Panamax | 74,020 | 2000 | TC until' Jan-14 + 1 Year Charterer's Option | $11,200 +50/50 Profit Share, $14,200 | |||||||
| ELENI P | Panamax | 72,119 | 1997 | Baumarine Pool | Spot Earnings since February 2013 | |||||||
| IRINI | Panamax | 69,734 | 1988 | Open | ||||||||
| ARISTIDES N.P. | Panamax | 69,268 | 1993 | TC 'til Feb-14 | $7,500 | |||||||
| MONICA P | Handymax | 46,667 | 1998 | TC'Till Sep-13 | $12,375 | |||||||
| Total Dry Bulk Vessels | 5 | 331,808 | ||||||||||
| Container Carriers | ||||||||||||
| EVRIDIKI G (ex-MAERSK NOUMEA) | Intermediate | 34,677 | 2,556 | 2001 | TC 'til Apr -14 | $8,000 | ||||||
| TIGER BRIDGE | Intermediate | 31,627 | 2,228 | 1990 | TC till Nov-13 + 12 Months in Charterers Option | $6,000 $8,000 | ||||||
| AGGELIKI P | Intermediate | 30,360 | 2,008 | 1998 | TC till Feb-14 | $6,000 | ||||||
| DESPINA P | Handy size | 33,667 | 1,932 | 1990 | TC 'til Aug-13 | $6,000 | ||||||
| CAPTAIN COSTAS(ex-OEL TRANSWORLD) | Handy size | 30,007 | 1,742 | 1992 | TC till Mar-14 12 Months in Charterers Option | $6,500 $11,500 | ||||||
| JOANNA | Handy size | 22,301 | 1,738 | 1999 | (to be delivered by end of June-13) | |||||||
| MARINOS | Handy size | 23,596 | 1,599 | 1993 | TC 'til Aug-13 | $6,250 | ||||||
| MANOLIS P | Handy size | 20,346 | 1,452 | 1995 | TC 'til Oct-13 | $6,750 | ||||||
| NINOS | Feeder | 18,253 | 1,169 | 1990 | TC 'til Dec-13 | $7,690 | ||||||
| KUO HSIUNG | Feeder | 18,154 | 1,169 | 1993 | TC till Feb-14 12 months in Charterers Option | $7,700 $11,500 | ||||||
| Total Container Carriers | 10 | 262,988 | 17,593 | |||||||||
| Fleet Grand Total | 15 | 594,796 | 17,593 | |||||||||
Note: Charter duration indicates the earliest redelivery date.
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 9001:2008 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.
Following the sale of its multipurpose vessel and addition of a handy size containership, the Company will have a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handy size containerships and 2 Feeder containerships. Euroseas 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 10 containerships have a cargo capacity of 17,593 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.
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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
