Euroseas Charter Agreement for Panamax Bulk Carriers

Thursday, December 23, 2010

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 three subsidiaries of the company have entered into time charter agreements for the following vessels :

M/V Eleni P, a 72,119 dwt, 1997 built Panamax bulk carrier, has been chartered for about two years period at a gross daily rate of $16,500. The charter will commence in March 2011 upon the completion of the necessary drydocking works following her release from the Somali Pirates. This employment is expected to generate approximately $12m of gross revenues during the period of the charter.

M/V Irini, a 69,734 dwt, 1988 built Panamax bulk carrier, has been chartered for about two and a half years period at a gross daily rate of $14,000. The charter has already commenced since the 10th of December 2010. This employment is expected to generate approximately $12.7m of gross revenues during the period of the charter.

Both the above charters have been concluded with highly reputable European Charterers.

Furthermore the company announced that M/V Aristides N P a 69,268 dwt, 1993 built Panamax bulk carrier, has been withdrawn from the service of her previous Charterers due to their performance which raised concerns for the ability of the Charterers to further fulfil their obligations. The company has taken all necessary legal actions in order to protect its interests and rights. M/V Aristides N P has been chartered for a short voyage at market rates.

Following the above mentioned charters, approximately 60% of Euroseas total fleet days for 2011 and approximately 16% in 2012 are secured under period charters or Forward Freight Agreements (FFAs)**. The respective coverage for the Drybulk vessels only is about 82% for 2011 and 44% for 2012.

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