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, announced today that it has signed a Memorandum of Agreement to purchase the M/V Tiger Bridge (ex City of Hamburg), an intermediate container ship of 30,400 dwt and 2,228 twenty-foot equivalent units (teu) built in 1990 in Korea. The M/V Tiger Bridge, was acquired for approximately $ 24.0 million and comes with a period charter attached until July 2009 at a rate of $16,500 per day.
Following the delivery of the Tiger Bridge to our fleet between September 15 and October 10, 2007 at the sellers option, approximately 92% of Euroseas total fleet days in 2007 and approximately 37% in 2008 will be fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.