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M/V Irini, a 69,734 dwt, 1988 built Panamax bulk carrier, has been chartered for about two and a half years period at a gross daily rate of $14,000. The charter has already commenced since the 10th of December 2010. This employment is expected to generate approximately $12.7 million of gross revenues during the period of the charter. Both the above charters have been concluded with highly reputable European Charterers. Furthermore the company announced that M/V Aristides N P a 69,268 dwt, 1993 built Panamax bulk carrier, has been withdrawn from the service of her previous Charterers due to their performance which raised concerns for the ability of the Charterers to further fulfil their obligations. The company has taken all necessary legal actions in order to protect its interests and rights. M/V Aristides N P has been chartered for a short voyage at market rates. Following the above mentioned charters, approximately 60% of Euroseas total fleet days for 2011 and approximately 16% in 2012 are secured under period charters or Forward Freight Agreements (FFAs)**. The respective coverage for the Drybulk vessels only is about 82% for 2011 and 44% for 2012. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have secured time charter Agreements for our m/v Eleni P and m/v Irini 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." 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 9001:2000 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 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 10 containerships have a cargo capacity of 17,787 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu. Euroseas Ltd. Press Release |
Euroseas Ltd. Announces Time Charter Agreements for its Panamax Bulk Carriers M/V Eleni P, M/V Irini and M/V Aristides N P.