ATHENS, GREECE--(Marketwired - Apr 2, 2014) - Euroseas Ltd. (
Furthermore, the Company announced that its joint venture, Euromar LLC ("Euromar"), has purchased the M/V Akinada Bridge, a gearless containership of 5,600 teu and 71,366mt dwt built in 2001 in South Korea. The vessel comes with an above market time charter attached to one of the biggest Japanese charterers and is expected to improve the company's cash flow significantly for the next 2.5 years of its duration.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce the purchase of two more eco-design vessels. With this order, we have increased our newbuilding orderbook to 4 vessels, which brings our total fleet to 19 vessels and improves our fleet profile significantly. We believe we are at the start of a strong year for the drybulk market and are positioning Euroseas to take advantage of an improving market.
"We are also very pleased to announce that our Joint venture has concluded the purchase and has already taken delivery of M/V Akinada Bridge. With containership prices close to their all time lows and secured income for the vessel for the next 2.5 years this investment has little if no downside and can prove very profitable in a recovering market. Euromar is well capitalized and with its 11-vessel strong fleet ready to take advantage of a recovery in the Container market which is bound to occur sooner or later."
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 Select 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 9001:2008 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 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships and 2 Feeder containerships. Euroseas 5 drybulk carriers have a total cargo capacity of 338,540 dwt, its 10 containerships have a cargo capacity of 17,587 teu. Euroseas has also entered into agreements for the construction of two 63,500 dwt Ultramax dry bulk vessels with expected deliveries during the fourth quarter of 2015 and the first quarter of 2016, respectively. Euroseas has also entered into agreements for the construction of two 82,000 dwt Kamsarmax dry bulk vessels with expected deliveries during the fourth quarter of 2015 and the fourth quarter of 2016, respectively.
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 our expected joint venture and vessel acquisitions and 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 drybulk vessels and 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.
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