Euroseas Acquires Vessel, Sells Another for Scrap
Tuesday, June 18, 2013

Euroseas Ltd., an owner and operator of drybulk carriers and containerships and provider of seaborne transportation for dry bulk and containerized cargos, announced today that it sold for scrap one of the oldest container vessels in its fleet, the M/V Anking, a 950 teu multipurpose vessel built in 1990 for approximately $3.7 million. The vessel will be delivered to her new owners by the end of June 2013.

Furthermore, the company announced that it, signed a memorandum of agreement to purchase the M/V Wehr Flottbek, a geared containership of 22,301 dwt and 1,738 teu built in 1999 for approximately $5.9 million. The vessel, to be renamed Joanna, is expected to be delivered to the company by the end of June 2013.

Aristides Pittas, Chairman and CEO of Euroseas commented, "With containership prices having again dropped near their all-time low levels, we believe, it is an opportunity to renew our fleet at minimal capital cost. In that respect, we have sold for scrap our vessel M/V Anking, a 1990 built multipurpose vessel, and invested the proceeds along with an incremental investment of less than $2.5 million in a vessel which is nine years younger, almost twice as large and more flexible commercially."

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