Euroseas Ltd. Announces Completion of the Spin-off of its Drybulk Fleet into EuroDry Ltd.
May 31 2018 - 9:20AM
Euroseas Ltd. (NASDAQ:ESEA) (the “Company”), an owner and operator
of container carrier vessels and provider of seaborne
transportation for containerized cargoes, announced today that it
has completed the spin-off of its drybulk fleet into EuroDry Ltd.
Euroseas shareholders received one EuroDry Ltd share for every five
shares of the Company they owned. Shares of EuroDry Ltd. will
commence trading today, May 31, 2018 on the NASDAQ Capital Market
under the symbol “EDRY.”
Aristides Pittas, Chairman and CEO of
Euroseas, commented: "We are very pleased to complete the
spin-off of our drybulk fleet into a separate publicly listed
company, EuroDry Ltd. Euroseas now becomes a pure containership
company, the only US-listed containership owner focused on the
feeder sector. We expect that our clear sector strategy and growth
plans will allow Euroseas to trade much closer to its net asset
value, which we believe it to be around $3 per share."
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
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Name |
Type |
Dwt |
TEU |
Year Built |
Employment (*) |
TCE Rate
($/day) |
Container Carriers |
|
|
|
|
|
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AKINADA BRIDGE |
Intermediate |
71,366 |
5,610 |
2001 |
TC ‘til Jul-18 |
$16,500 |
EM ASTORIA |
Feeder |
35,600 |
2,788 |
2004 |
undergoing repairs |
- |
EM CORFU |
Feeder |
34,654 |
2,556 |
2001 |
TC 'til Dec-18 |
$9,950 |
EM ATHENS |
Feeder |
32,350 |
2,506 |
2000 |
TC 'til Mar-19 |
$10,400 |
EM OINOUSSES |
Feeder |
32,350 |
2,506 |
2000 |
TC 'til Aug-18 + 12 months in Charterers Option |
$8,500 $15,000 |
EVRIDIKI G |
Feeder |
34,677 |
2,556 |
2001 |
TC ‘til Dec-18 |
$9,950 |
JOANNA |
Feeder |
22,301 |
1,732 |
1999 |
TC ‘til Sep-18 |
$10,500 |
MANOLIS P |
Feeder |
20,346 |
1,452 |
1995 |
TC 'til Apr-19 |
$9,500 |
AEGEAN EXPRESS |
Feeder |
18,581 |
1,439 |
1997 |
TC 'til Aug-18 |
$10,500 |
NINOS |
Feeder |
18,253 |
1,169 |
1990 |
TC 'til Sep-18 |
$11,900 |
KUO HSIUNG |
Feeder |
18,154 |
1,169 |
1993 |
TC 'til Oct-18 |
$11,900 |
Total Container Carriers |
11 |
338,632 |
25,483 |
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Vessel held for sale |
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MONICA P (**) |
Drybulk |
46,667 |
|
1998 |
TC ‘til Jun-18 |
$8,000 |
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Note: |
(*) TC denotes time
charter. All dates listed are the earliest redelivery dates under
each TC. |
|
(**) Vessel has been
agreed to be sold; to be delivered to its new owners by June 30,
2018. |
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 container shipping
markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO
9001:2008 and ISO 14001:2004 certified affiliated ship management
company and Eurobulk (Far East) Ltd. Inc., which are 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 12 vessels in the water,
including one Handymax drybulk carrier, that has been sold and will
be delivered to its new owners by June 30, 2018, ten Feeder
containerships and one Intermediate containership. Euroseas eleven
containerships have a total cargo capacity of 25,483 teu.
Forward Looking StatementThis
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, the anticipated spin-off of the Company's drybulk
fleet 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 the Company’s
website www.euroseas.gr
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Company
Contact |
Investor
Relations / Financial Media |
Tasos AslidisChief
Financial OfficerEuroseas Ltd.11 Canterbury Lane,Watchung, 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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