Euroseas Ltd., (NASDAQ:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced that a subsidiary of the company has entered into time charter agreement for the following vessel:
M/V Aristides N P, a 69,268 dwt, 1993 built Panamax bulk carrier, has been chartered until May 2012 at a gross daily rate of $14,950. The charter will commence upon completion of its present charter within the next few days and might be terminated [a month or extended by a month at the option of the charterer. This employment is expected to generate approximately $7.2m of gross revenues during the period of the charter.
Following the above mentioned charter, approximately 66% of Euroseas total fleet days for 2011 and approximately 18% in 2012 are secured under period charters or Forward Freight Agreements (FFAs)**. Thus all drybulk vessels are fully covered for 2011 and 50% covered for 2012.