Euroseas to Purchase Drybulk Carrier

Friday, June 12, 2009

Euroseas Ltd. (NASDAQ:ESEA) signed a memorandum of agreement to purchase a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan, for approximately $27.5 million. The vessel comes with a time charter back to the seller until January 2010 at a gross daily rate of $25,200 per day and is expected to be delivered to the Company between July 1, 2009 and August 5, 2009. Following the delivery of the vessel, approximately 74% of Euroseas' total fleet days remaining in 2009 and approximately 40% in 2010 will be fixed under time charters, FFA contracts, already concluded spot charters, or otherwise protected from market fluctuations.

"We are delighted to announce the acquisition of a 9-year old Japanese built Panamax drybulk carrier as part of our fleet expansion program. The accompanying time charter until January 2010 to a solid counterparty improves and provides further visibility to our 2009 earnings," said Aristides Pittas, Chairman and CEO of Euroseas.


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

Bulk Carrier Trends

Baltic Index Hauled Down by Weak Capesize Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday, primarily due to weak demand for capesize vessels.

Panama Canal Reports Record Tonnage

The Panama Canal Authority (ACP) announced a new tonnage record, welcoming 340.8 million Panama Canal tons (PC/UMS) through the canal for the 2015 fiscal year – a 4.

Diana Charters Panamax Bulker

Diana Shipping Inc. today announced that through a separate wholly-owned subsidiary, it entered into a time charter contract with Cargill International S.A.,

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1059 sec (9 req/sec)