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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ms Veendam Rescues Pilot Off Maui Coast, Hawaii

On Sunday, Jan. 25, 2015, at 5:21 p.m. local time while en route to Lahaina, Hawaii, Holland America Line’s ms Veendam answered a request for assistance from

Panama Flag Approval for Seagull

Seagull Maritime has become the first overseas company to secure training centre approval from the Panama Maritime Authority following the PMA’s 2014 change of leadership.

Baby Medevaced from Cruiseship in Gulf of Mexico

A Coast Guard helicopter crew medevaced an 8-month-old baby girl from the cruise ship Carnival Triumph early Monday morning, 140 miles southeast of Galveston.

Ship Sales

Taiwan Naval Fleet Adds Home-Grown Vessel

Taiwanese Navy formally took delivery Friday of a new locally designed supply vessel that it said will help enhance Taiwan's maritime combat capabilities.   In

Indian Shipping Ministry Seeks Tax Sops

India's shipping ministry is asking for a tax holiday and more incentives for the shipbuilding industry in the upcoming Union budget, according to a report in the Economic Times.

Vroon Adds Twelfth Tanker

Dutch ship owner Vroon has confirmed the purchase of the MT ST Charlotte, a 2006-built bitumen/molten sulphur tanker. The vessel will be renamed Iver Ability and

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1942 sec (5 req/sec)