Euroseas Ltd. Announces Delivery of Acquired Container Vessel and Sale of Feeder Container Vessel
December 27 2017 - 4:05PM
Euroseas Ltd. (NASDAQ:ESEA) (the “Company”), an owner and operator
of drybulk and container carrier vessels and provider of seaborne
transportation for drybulk and containerized cargoes, announced
today that it took delivery of M/V Akinada Bridge, a 5,600 teu
post-panamax size container vessel built in 2001 in South Korea,
which the Company had previously agreed to acquire. Following its
delivery, the vessel will commence during the first week of
January, a 50-120 day charter at a gross daily rate of $11,250. The
sale of this vessel concludes the disposition of the vessels of
Euromar LLC, a wholly-owned subsidiary of the Company that
previously was partially owned by the Company.
Furthermore, the Company announced that it sold
one of its 90’s-built container feeder vessels, M/V Aggeliki P, a
2,008 teu vessel built in 1998, for a gross price of about $4.6
million. The vessel which has already been delivered to its new
owners was due for her special survey.
Aristides Pittas, Chairman and CEO of Euroseas,
commented: “We are very pleased to complete the present phase of
our fleet growth and renewal program which, we believe, has
positioned Euroseas to take advantage of the recovering shipping
markets. For both drybulk and containership sectors, the
orderbook-to-fleet ratio is near its lowest levels of the last two
decades indicating minimal supply pressure over the next couple of
years. Maintenance of the present market levels should return
Euroseas to profitability while any strengthening of the charter
rates should provide significant upside to our shareholders and, we
hope, also reduce the significant discount to net asset value our
stock trades at. We continue to pursue accretive growth
opportunities and, as we have stated, consider mergers with other
fleets either on a combined fleet basis or separately for the
drybulk or container vessels of our fleet.”
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 140 years. Euroseas trades on the NASDAQ
Capital 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 9001:2008 and ISO
14001:2004 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 in the
water, including one Kamsarmax drybulk carrier, three Panamax
drybulk carriers, one Ultramax drybulk carrier, one Handymax
drybulk carrier, ten Feeder containerships and one post-panamax
containership; in addition to the fleet in the water, the Company
has a Kamsarmax newbuilding contract. With the addition of the
Kamsarmax newbuilding, Euroseas will have seven drybulk carriers
with a total cargo capacity of 499,753 dwt, and after the
acquisition and sale described above, the Company has eleven
containerships with a total cargo capacity of 25,473 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.
Visit our website
www.euroseas.gr
Company
Contact |
Investor
Relations / Financial Media |
Tasos AslidisChief
Financial OfficerEuroseas Ltd.11 Canterbury LaneWatchung, NJ
07069Tel. (908) 301-9091E-mail: aha@euroseas.gr |
Nicolas
BornozisPresidentCapital Link, Inc.230 Park Avenue, Suite 1536New
York, NY 10169Tel, (212) 661-7566E-mail:
euroseas@capitallink.com |
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