Euroseas Takes Delivery of Container Ships

Tuesday, August 14, 2007
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has taken delivery of the M/V Beauty River to be re-named Despina P and the M/V Honor River to be re-named Jonathan P, two handysize container ships it had previously agreed to acquire, each with a capacity of 33,667 dwt and 1,932 teu. The vessels are sister ships built in 1990 in South Korea.

The M/V Jonathan P and the Despina P were each acquired for $18.7m. Both vessels have been fixed on short term charters until October 2007 at a rate of about $17,000 per day. Following these charter agreements, approximately 92% of Euroseas total fleet days in 2007 and approximately 33% in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.

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