Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation
for dry bulk and containerized cargoes, announced today, that its Board of Directors has declared a dividend of $0.30 per common share for the fourth quarter of 2007. The dividend is payable on March 14, 2008 to all shareholders of record as of March 05, 2008. This dividend is $0.01 above the previous quarterly dividend and $0.08 above the dividend paid for the same period last year.
The company also announced that a subsidiary has entered into a one-year time charter for the M/V "Aristides NP," a 69,268 dwt, 1993 built Panamax bulk carrier
, at a gross daily rate of $52,000. The charter will commence upon completion of its scheduled dry-docking on about February 25, 2008.
Following this charter, 65% of Euroseas total fleet days in 2008 are secured under period charters, or already concluded spot charters, and are otherwise protected from market fluctuations.
Aristides Pittas, Chairman and CEO of Euroseas commented: "Our fourth quarter dividend marks the sixth consecutive quarter during which we were able to increase our dividend. On an annual basis, we have paid an aggregate amount of $1.08 per common share in 2007 or 12.5% above our minimum target annual dividend of $0.96 per common share. By significantly increasing the size of our fleet in 2007 from nine to fifteen vessels we have been able to utilize the increased cash flow to pay a higher dividend per share.
We are also pleased to announce that we have concluded the charter of the M/V "Aristides NP" for an additional year, at a favorable rate which is $23,000 per day above her previous charter. In fact, the current rate which we have secured is above the average charter secured for this type of vessel in 2007, the year in which rates reached their current historical highs.