Euroseas Time Charter Renewals for Two Containerships

Press Release
Wednesday, May 25, 2011

Euroseas Ltd., (NASDAQ:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that two subsidiaries of the Company has entered into time charter agreement for the following vessels:

M/V Ninos, a 1,169 teu, 1990 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 1st of June 2011. The new rate represnts an increase of about 65% over the vessel's current rate.

M/V Kuo Hsiung, a 1,169 teu, 1993 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 15th of June 2011. The new rate represents an increase of about 111% over the vessel's current rate.

Following the above mentioned charters, approximately 77% of the Company's total containerfleet days for 2011 and approximately 12% in 2012 are secured under period charters. The Company's drybulk fleet is 100% covered in 2011 via time charter contracts or Forward Freight Agreements (FFAs) and 50% covered in 2012 via time charter contracts.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have extended the time charter agreements for M/V Ninos and M/V Kuo Hsiung at rates of approximately 90% higher than their current rates on average. We look forward to continuing capitalizing on a stronger containership market with the remaining of our vessels come up for re-chartering as any rate increases directly benefit our earnings."

As of May 24, 2011, Euroseas Ltd. fleet profile is as follows:



(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.

(**) "Monica P" is employed in the Bulkhandling spot pool that is managed by Klaveness, a major global charterer in the drybulk area. The Company has concluded a Forward Freight Agreement(FFA) option contract on the panamax index for calendar 2011 for a modern panamax. Such a contract serves as an approximate hedge to one of our panamax vessels for 2011 effectively locking in a rate between $16,500 and $23,500.

 

Source: Euroseas Ltd.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Container Ships

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar Winch
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: 0.0755 sec (13 req/sec)