Euroseas Buys a Containership

Monday, May 19, 2008

The company also signed a memorandum of agreement to purchase the M/V Maersk Noumea, an intermediate containership of 34,677 dwt and 2,556 TEU built in 2001 in South Korea. The M/V Maersk Noumea was acquired for $43.5m and comes with a period charter attached with a major container liner company at $16,800 per day until August 2011 with charterer`s options to extend the charter for three additional years at $18,735, $19,240 and $19,750 per day, respectively. The vessel is expected to be delivered to the Company`s fleet around May 21, 2008.

Following this acquisition, 100 % of Euroseas total containership fleet days in 2008 and about 47% for 2009, are fixed under period charters. Overall, including the Company`s dry bulk fleet, about 92% of the total fleet days in 2008 and about 34% in 2009 are covered under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

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