Euroseas Buys Containership

Friday, May 25, 2007
Euroseas Ltd., an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, signed a Memorandum of Agreement to purchase the M/V Clan Gladiator, a Handysize container ship of 30,007 dwt and 1,742 teu built in 1992 in Germany for $25.7 million. The vessel is scheduled to be delivered to Euroseas around June 11, 2007, at the sellers' option. It will be financed partly by bank debt. The vessel is purchased with a period charter contract at a rate of $19,000 per day till April 2008. Aristides Pittas, Chairman and CEO of Euroseas said: "We are pleased to announce the agreement to purchase the M/V Clan Gladiator our third vessel acquisition since we completed our public follow-on offering in February 2007. In today's high asset price environment our emphasis has been to grow our fleet by targeting primarily second hand mid-age vessels which we believe enable us to realize higher return on investment and maximize shareholder returns. Our strategy to invest in the broader dry cargo sector allows us to capture investment opportunities in both the dry bulk and containership markets and enhances our operational flexibility. As prices for containerships have not followed yet the rally we have recently seen in bulk carrier prices our last 2 investments have both been in this sector which we believe has today a higher upside potential. Clan Gladiator's employment contributes to our objective of seeking stable and predictable cash flows; after the incorporation of Clan Gladiator in our fleet, 90% and 39% of our capacity days will have already been fixed or secured under period charters in 2007 and 2008, respectively."
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Crowley Ships Massive Electrical Equipment

Crowley Maritime Corporation’s liner services group recently transported two massive electrical equipment enclosures with a combined weight of 196,000 pounds to San Juan, Puerto Rico.

Maersk Drilling Secures Contract for Newest Drillship

Maersk Drilling was awarded a contract from eni Ghana Exploration and Production Ltd. for employment of the newbuild drillship Maersk Voyager.   The contract

Ship Sales

Lomar Adds Seven Container Ships to its Fleet

Lomar Corporation, a Libra Group company, has again added to its fleet of container ships with the purchase of three vessels plus an order for up to four new buildings from the Yangzijiang Shipyard,

25,000-TEU Ships Possible, Not Practical

Maersk Line CEO Soren Skou said ships with capacities of 25,000 twenty-foot-equivalent units are possible but not practical today, and that he expects 18,000-19,

Royal Sells Splendour to Tui Cruises

Royal Caribbean International is saying sayonara to yet another of its older vessels. Its cruise ship Splendour of the Seas will join the Thomson Cruises’ fleet from Summer 2016.

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1611 sec (6 req/sec)