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Aristides Pittas News

11 Apr 2023

Hyundai Mipo Dockyard Delivers First of Nine New Feeder Ships for Euroseas

(Photo: Euroseas)

Greek shipowner Euroseas announced it has taken delivery of the first in a series of nine new feeder container vessels from South Korea's Hyundai Mipo Dockyard.The 2,800 TEU Gregos was officially handed over during a ceremony on April 6, and following its delivery, the vessel commenced a 36- to 40-month charter with Oman-based Asyad Lines.The time charter equivalent (TCE) rate is $48,000 per day. Aristides Pittas, chairman and CEO of Euroseas, said the ship "is expected to contribute in excess of $42 million of EBITDA (or…

07 Apr 2023

Euroseas CEO: New Charter for 'Synergy Keelung' Demonstrates Containership Market Resilience

Greece-based shipowner Euroseas has secured a new charter of its container vessel M/V “Synergy Keelung” for a period of between a minimum of twenty-four and a maximum of twenty-six months at the option of the charterer, at a gross daily rate of $23,000. The new charter, with an unnamed client, will start in April 2023, immediately following the completion of its current charter. The “Synergy Keelung” is a 4,253 TEU vessel built in 2009, and its current contract dayrate is $14,500.Aristides Pittas, Chairman and CEO of Euroseas said: "We are pleased to announce the new charter of our vessel M/V Synergy Keelung with a first-class charterer.

03 May 2022

Euroseas Buys Two 4,250 TEU Container Ships for $37M

Container ship operator Euroseas said Tuesday it had agreed to buy  M/V Seaspan Manila and M/V Seaspan Melbourne intermediate size container vessels with a capacity of 4,250 TEU each, built in 2007 and 2005, respectively.The vessels are being acquired for a combined price of $37 million. Euroseas will also assume the existing charter arrangements of the vessels. Both acquisitions will be initially financed with the company’s own funds.Aristides Pittas, Chairman and CEO of Euroseas said:"We are pleased to announce the acquisition of M/V Seaspan Manila and M/V Seaspan Melbourne, two intermediate containerships built in 2007 and 2005, respectively, along with their existing approximately two years and three quarters long charters.

21 Mar 2022

Euroseas Orders Trio of 1,800 TEU Feeder Ships

Shipowner Euroseas announced on Monday it has signed a contract for the construction of three 1,800 TEU feeder containerships from Hyundai Mipo Dockyard Co. in South Korea.The vessels are scheduled to be delivered during the first half of 2024, including one in the first and two in the second quarter of the year.Euroseas said it expects to finance the approximately $102 million total consideration for the construction of the three vessels with a combination of debt and equity.Aristides Pittas, chairman and CEO of Euroseas, said, "We are pleased to announce the ordering of three modern LNG-ready eco-design containerships of 1,800 teu capacity each in one of the best quality shipbuilders in the world…

01 Feb 2022

Euroseas Orders Two Feeder Containerships from Hyundai Mipo

Greek shipowner Euroseas announced on Tuesday it has signed a contract for the construction of two additional 2,800 TEU containerships from at Hyundai Mipo Dockyard Co. in South Korea.The Eco design fuel efficient newbuilds are scheduled to be delivered during the fourth quarter of 2023 and first quarter of 2024, respectively. They will be sister ships to a pair of vessels ordered by Euroseas in June 2021.The total consideration for the two latest newbuilds is approximately $85 million, and Euroseas said it will be finance the deal through a combination of debt and equity.Aristides Pittas, Euroseas chairman and CEO, said, "The current contracts…

26 Oct 2020

Container Lines Expect US Import Binge to Lose Steam

© sheilaf2002 / Adobe Stock

Surging shipments into the United States are fueling record high freight costs and logjams at seaports, but transportation executives say the rally will lose steam with a second wave of COVID-19 restrictions on the cards.Container shipping companies, which move goods for customers including Amazon.com and Walmart, got stung late last year and early this year when COVID-19 halted trade around the world, and they question whether the U.S. import boom can be sustained."Let's not get carried away," Rolf Habben Jansen, chief executive of Germany's Hapag Lloyd, told reporters.

25 Nov 2019

Euroseas Acquires More Vessels

Euroseas, a Greece shipping company that was founded about a century ago, said that it has took delivery of four container carrier vessels of intermediate size of 4,253 teu from Synergy Holdings Limited for approximately $40 million.All vessels are built in South Korea, three in 2009 and the other in 2008, the company said.The acquisition of the four vessels was financed by bank debt of $32 million, existing funds of Euroseas and a private placement of $6 million at a share price of $0.71 subscribed equally by an entity affiliated to the Euroseas’s CEO and an entity controlled by the seller of the four vessels.During the third quarter…

18 Nov 2019

Euroseas Acquires Four Containerships

Greece-based provider of seaborne transportation for containerized cargoes Euroseas  announced that it has entered into agreements to acquire four 4,253 teu containerships built in South Korea, three in 2009 and one in 2008.The owner and operator of container carrier vessels said in a press release that the vessels are being acquired from companies controlled by Synergy Holdings Limited for a total consideration of approximately $40 million.The acquisition will be financed by bank debt, existing funds of the Company and $6 million raised in private placements.Euroseas  will also assume the charters the vessels are currently under. As part of the transaction…

30 Sep 2019

Euroseas Charters Akinada Bridge

Euroseas, a shipping company that was founded about a century ago, announced that  its container vessel, M/V Akinada Bridge has entered into a charter contract of minimum duration of ten months and maximum duration of thirteen months at a daily rate of $16,500.The owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes said that the charter will commence upon completion of the vessel’s special survey and drydocking and the installation of a water ballast treatment (WBT) plant at a total cost of about $2.5 million.The Greek company expects to fully recover the above-mentioned cost…

11 Jun 2019

Euroseas Gets Refinance for Two Vessels

Euroseas announced that it has closed the previously announced refinancing of two of its vessels with simultaneous interest rate reduction of 0.5% for all other existing loans and the redemption of approximately $11.7 million of value.The an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, said that the refinance is equivalent to about 59.4%, of its outstanding Series B Preferred Shares with simultaneous reduction of 4% of the dividend rate for the $8 million value of preferred shares remaining outstanding until January 2021.The closing of the above transactions reduced…

03 Jun 2019

Euroseas Buys Four Feeder Containerships

The provider of seaborne transportation for containerized cargoes, Euroseas also announced that it signed memoranda of agreement to acquire four feeder containerships for a consideration that includes a cash payment of $15 million and issuance of approximately 22.5 million shares of common stock to the sellers.Euroseas intends to finance the cash portion of the acquisition price with bank debt which will be used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares. This is subject to regulatory approval, including approval from NASDAQ, said a press release from the Greek ship owner.The four vessels…

15 Oct 2018

EuroDry Gets Refinance, Expands Fleet

EuroDry announced that it has completed the refinancing of the debt of M/V Alexandros P, a 62,000 dwt ultramax drybulk vessel built in 2017.The owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes said in a press release that the new loan facility of $15 million was used to repay the previous loan facility with an outstanding balance of $9.9 million and provide additional liquidity to the Company.The new loan will have a maturity of seven years and will be repaid in twenty-eight equal quarterly instalments and a balloon payment of $8.42 million along with the last instalment.The Republic of…

28 Jun 2018

Euroseas Sells Bulk Carrier M/V Monica

Euroseas, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced the delivery of M/V Monica P, a 46,667 dwt drybulk vessel, built in 1998, to its buyer, an unaffiliated third party. The gross proceeds of this sale were $6.45 million. The vessel was held for sale as of March 31, 2018. Following the sale of M/V Monica P, the Euroseas fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 teu making the Company the sole US-listed feeder containership company. Furthermore, the Company announced today that, based on recent filings made with the Securities and Exchange Commission…

31 May 2018

Euroseas Completes EuroDry Spinoff

Euroseas announced  that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands. EuroDry operates in the dry cargo, drybulk shipping markets. EuroDry’s operations are managed by Eurobulk. Euroseas operates in the container shipping markets. Euroseas' operations are also managed by Eurobulk.

08 May 2018

Euroseas Spins Off Its Drybulk Fleet

Greece-based owner of containerships and bulk carriers Euroseas has spun off its drybulk fleet into a separate company. The Company announced that it filed a registration statement on Form F-1 with the Securities and Exchange Commission to spin-off the Company's drybulk fleet into a separate company, EuroDry Ltd., which has applied for listing on the NASDAQ Capital Market. "We believe that separate drybulk and containership investment options will give our shareholders the flexibility to adjust their holdings, if they so wish, between the two sectors,: he added. "We plan to take advantage of growth opportunities in each of the two sectors…

04 May 2018

Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini

Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000. The charter will commence upon delivery of the vessel and is expected to contribute approximately $9.0 million of net revenues to the Company during the contract period.

11 Apr 2018

Euroseas Sells its Oldest Bulk Carrier Vessel

Greece-based Euroseas announced the sale of M/V Monica P, a 46,667 dwt vessel, built in 1998, to unaffiliated third party for the gross amount of $6.45 million. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes said that the vessel will be delivered to its buyers by June 30 2018. The Company has a fleet of 17 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 Kamsarmax drybulk carrier, 1 Ultramax drybulk carrier, 10 Feeder containerships and an intermediate containership. Euroseas 6 drybulk carriers have a total cargo capacity of 417,753 dwt, its 11 containerships have a cargo capacity of 25,473 teu.

04 Apr 2018

Euroseas Announces Time Charter Contracts

Euroseas Ltd. The new charters will commence on April 9 for the EM Athens and April 7 for the Manolis. Euroseas typically announces charter arrangements of a year or longer duration. Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are very pleased to announce the new charter and the extension of another for one more year for two of our containerships. These charters are roughly 30% higher than what the ships earned prior and is a clear sign that the sector is recovering. We have positioned our container fleet to take advantage of this anticipated rising market and, currently, have 6 more vessels that come up for renewal of their charters within the following 3 months.

05 Mar 2018

Euroseas Returns to Profitability

Euroseas reported total net revenues of $13.5 million for the fourth quarter of 2017 ended December 31, 2017 representing a 85.2% increase over total net revenues of $7.3 million during the fourth quarter of 2016. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes reported a net income for the period of $2.0 million and a net income attributable to common shareholders of $1.5 million, as compared to a net loss of $17.6 million and a net loss attributable to common shareholders of $18.1 million for the fourth quarter of 2016. On average, 16.3 vessels were owned and operated during the fourth quarter of 2017 earning an average time charter equivalent rate of $9…

27 Dec 2017

Euroseas Takes Delivery of Container Vessel

Greek shipping firm Euroseas Ltd took delivery of M/V Akinada Bridge, a 5,600 teu post-panamax size container vessel built in 2001 in South Korea, which the Company had previously agreed to acquire. Following its delivery, the vessel will commence during the first week of January, a 50-120 day charter at a gross daily rate of $11,250. The sale of this vessel concludes the disposition of the vessels of Euromar LLC, a wholly-owned subsidiary of the Company that previously was partially owned by the Company. Furthermore, the Company announced that it sold one of its 90’s-built container feeder vessels, M/V Aggeliki P, a 2,008 teu vessel built in 1998, for a gross price of about $4.6 million. The vessel which has already been delivered to its new owners was due for her special survey.

12 Sep 2017

Euroseas Acquires Vessels and Full Ownership of Euromar

Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Athens and EM Oinousses, both feeder size containership vessels of 2,506 teu built in 2000. The Company also announced that it acquired the option to purchase from Euromar two additional container vessels, the M/V EM Corfu, a feeder size containership vessel of 2,556 teu built in 2001, and the M/V Akinada Bridge, a post-panamax size container vessel of 5,600 teu built in 2001 until September 30, 2017. The vessels are to be acquired for a combined amount of about USD 25 million from Euromar LLC (Euromar), a wholly-owned subsidiary of the Company that previously was partially owned by the Company. The Company plans to finance the acquisitions with a combination of debt and equity.

31 May 2017

Euroseas Acquires Container Feeder Vessel

Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Astoria, a feeder size containership vessel of 2,788 teu built in 2004. The vessel is to be acquired at market price from Euromar LLC, the Company's joint venture with two private equity firms. The agreement to acquire the vessel includes 100% bank financing and a profit share agreed with the bank. The vessel is expected to be delivered to the Company in June 2017. Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to proceed with the acquisition of EM Astoria which increases our fleet in the containership feeder sector and is accretive to our shareholders.

12 May 2017

Euroseas Sees Improvement in Cargo Shipping

The beginning of 2017 found both the drybulk and containership markets recovering from the historical low levels observed during 2016, says Euroseas Chairman. Aristides Pittas, Chairman and CEO of Euroseas said that the drybulk market improved rapidly during the last two months of 2016 and throughout the first quarter, although it has recently lost some of the gains achieved. The containership market improved more gradually starting in February 2017, and has maintained its level, still low compared to historical standards, despite a slowdown in chartering activity lately. The reduced levels of orderbook for both sectors as compared to the recent past as well as the strengthening of world economic growth are giving us hope that the rebound will continue even at a modest pace.