Euroseas Ltd. Announces Acquisition of Containership

Press Release
Thursday, March 29, 2012

Athens, Greece - Euroseas Ltd., an owner and operator of dry bulk carriers, containerships and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that its joint venture, Euromar LLC ("Euromar"), signed a memorandum of agreement to purchase the M/V Cap Norte , a gearless containership of 41,850 dwt and 3,091 teu, built in 2007 in Poland.

M/V Cap Norte comes with a three-year time charter at about $17,500 per day to a first class charterer. M/V Cap Norte, to be renamed EM Kea, is expected to be delivered not later than June 16, 2012.

"We are very pleased to announce Euromar's 10th acquisition, which this time comes with a three-year time charter attached to it at a level which will significantly enhance our cash flows,” said Aristides Pittas, Chairman and CEO of Euroseas. “Euromar will continue looking for opportunities in both the container and dry bulk space, as we feel that the level of the prices we have currently reached will eventually provide superior returns to Euroseas and Euromar's shareholders."
 

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