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Euroseas Ltd. Message Board

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  • jaretwilson jaretwilson Oct 4, 2007 2:27 PM Flag

    Recent Pana purchase

    It's fantastic. At $35,500/day it's making a profit of nearly $30,000/day (a little less due to depreciation), or nearly $11M per year. At a purchase price of $28.6M, it pays for itself in just over 2.5 years. Even better though, the dayrate should go up dramatically in July since panamax spot rates are about double what it's getting now, so it will probably have paid for itself in under 2 years.

    It will also still have substantial value even half a dozen years from now because with the current market, older ships are being kept in service due to the incredible demand.

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