MARSHALL ISLANDS -- (Marketwire) -- 03/20/13 -- Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that four subsidiaries of the Company have entered into time charter agreements for the following vessels:
•M/V Despina P, a 1,932 teu, 1990 built handysize containership, has been extended for about six months at a gross daily rate of $ 6,000 with the new rate applicable from the 15th of March 2013.
•M/V Captain Costas, a 1,732 teu, 1992 built handysize containership, has been extended for about one year at a gross daily rate of $6,500; the new rate will apply from the 15th of April 2013 with the charterer having the option to extent the charter for a further year at a gross daily rate of $11,500.
•M/V Aggeliki P, a 2,008 teu, 1998 built intermediate containership, has been chartered for about one year at a gross daily rate of $6,000 starting on the 8th of March 2013.
•M/V Aristides N P, a 69,268 dwt, 1993 built Panamax bulk carrier, has been chartered for about 11 to 14 months at a gross daily rate of $7,500. The charter will commence upon completion of its scheduled drydocking which has already commenced and is expected to be completed before the end of March 2013.
Following the above mentioned charters, as of March 15, 2013 approximately 37% of the Company's remaining container fleet days for 2013 and approximately 4% in 2014 are secured under period charters and are protected from market fluctuations. The Company's drybulk fleet is 75% covered in 2013 and 25 in 2014 via time charter contracts and participation in pools.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have concluded these time charter agreements which provide about $8.2m of secured revenues. Our entire fleet continues to be fully employed despite this challenging environment. We look forward to capitalizing on an anticipated stronger containership and drybulk market in the near future with the remaining of our vessels coming up for re-chartering in the rest of 2013 and 2014."
As of March 15, 2013, Euroseas Ltd. fleet profile is as follows:
---------------------------------------------------------------------------- Year Employment TCE RateName Type Dwt TEU Built (*) ($/day)----------------------------------------------------------------------------Dry BulkVessels---------------------------------------------------------------------------- TC 'til Feb-14 + $11,200PANTELIS Panamax 74,020 2000 1 Year in +50/50 Profit Charterers Share Option $14,200---------------------------------------------------------------------------- BuamarineELENI P(1) Panamax 72,119 1997 Pool Spot---------------------------------------------------------------------------- TC 'tilIRINI Panamax 69,734 1988 Apr-13 $14,000----------------------------------------------------------------------------ARISTIDES TC 'til $7,500N.P. Panamax 69,268 1993 Feb-14---------------------------------------------------------------------------- TC 'til $12,375MONICA P Handymax 46,667 1998 Sep-13----------------------------------------------------------------------------Total DryBulk Vessels 5 331,808----------------------------------------------------------------------------MultipurposeDry CargoVessels---------------------------------------------------------------------------- TC 'tilANKING 1 22,568 950 1990 Mar-13 $8,600----------------------------------------------------------------------------ContainerCarriers---------------------------------------------------------------------------- TC 'tilMAERSK NOUMEA Intermediate 34,677 2,556 2001 Jun-13 $15,750---------------------------------------------------------------------------- TC tillTIGER BRIDGE Intermediate 31,627 2,228 1990 Apr-13 $5,500---------------------------------------------------------------------------- TC 'tilAGGELIKI P Intermediate 30,360 2,008 1998 Mar-14 $6,000---------------------------------------------------------------------------- TC 'tilDESPINA P Handy size 33,667 1,932 1990 Sep-13 $6,000---------------------------------------------------------------------------- TC 'tilCAPTAIN Apr-13COSTAS TC 'til $7,000(ex-OEL Handy size 30,007 1,742 1992 Apr-14 $6,500TRANSWORLD) +12 months in$11,500 Charterers Option----------------------------------------------------------------------------MARINOS(ex-YM PORTKELANG, TC 'tillex-MASTRO Handy size 23,596 1,599 1993 Apr -13 $6,000NICOS,)---------------------------------------------------------------------------- TC 'tilMANOLIS P Handy size 20,346 1,452 1995 May-13 $6,000----------------------------------------------------------------------------OEL BENGAL(ex-NINOS,ex-YM QINGDAO Feeder 18,253 1,169 1990 TC 'til $6,950I) May-13---------------------------------------------------------------------------- TC till Apr-13 + 6 months in $6,725KUO HSIUNG Feeder 18,154 1,169 1993 Charterers $13,500 Option----------------------------------------------------------------------------TotalContainer 9 240,687 15,855Carriers----------------------------------------------------------------------------Fleet GrandTotal 15 595,063 16,805----------------------------------------------------------------------------
