Euroseas Ltd. Announces Completion of Works on Retrofitting Several Items Aiming to improve the Efficiency on its Feeder Containership, M/V Synergy Busan
December 19 2023 - 9:03AM
Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner
and operator of container carrier vessels and provider of seaborne
transportation for containerized cargoes, announced today it has
successfully completed the installation of a number of “energy
saving devices” on its 4,250 teu feeder containership, M/V Synergy
Busan, aiming to improve her consumption in the commercial speed
range by about 20%. The investment was done in conjunction with the
vessel’s scheduled dry docking and special survey within the
scheduled period of only 17 days.
The following devices were installed on the ship:
(a) |
New bulbous
bow |
(b) |
A new and lighter propeller |
(c) |
Hub vortex absorbed fins (HVAF) |
(d) |
Pre-shrouded vanes (PSV) |
(e) |
Silicone coating of the ship’s underwater parts |
(f) |
LED lights |
(g) |
Auto pilot upgrade with advanced ecology control |
(h) |
Jacket pre-heater auto control |
Aristides Pittas, Chairman and CEO of Euroseas
commented: “We are pleased to announce the completion of
retrofits for our M/V Synergy Busan, as a result of which we expect
that the vessel’s commercial attractiveness as well as its economic
life will increase. Following these modifications, M/V Synergy
Busan will be amongst the most competitive vessels of her
vintage.
“Euroseas is committed to reduce its carbon footprint both by
investing in the most fuel-efficient newbuilding vessels and, also,
by retrofitting its existing ships. We believe that this strategy
not only minimizes the impact on the environment but will also
result in improved financial performance for the benefit of our
shareholders.”
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 market. 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 19 vessels, including 12 Feeder containerships and 7
Intermediate containerships. Euroseas 19 containerships have a
cargo capacity of 58,861 teu. After the delivery of seven feeder
containership newbuildings in 2024, Euroseas’ fleet will consist of
26 vessels with a total carrying capacity of 75,461 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 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 containerships, 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 Lane,Watchung, NJ 07069Tel. (908)
301-9091E-mail: aha@euroseas.gr |
Nicolas BornozisMarkella
KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York, NY
10169Tel. (212) 661-7566E-mail: euroseas@capitallink.com |
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