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Euroseas Ltd News

13 Nov 2018

U.S.-Listed Shippers Buoyed by Globus Maritime's Earnings

File Image / Credit: Port of Portland, UK

Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years. GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels.

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 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.

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.

16 Feb 2017

Euroseas Reports Q4 Loss

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, reported a total net revenues of $7.3 million for the three month period ended December 31, 2016. Net loss attributable to common shareholders of $18.1 million or $2.17 loss per share basic and diluted. This loss includes, amongst other items, a $0.4 million of dividend on Series B Preferred Shares, a $5.9 million loss on write-down of M/V Eleni which was held for sale, $3.8 million loss on expected termination of our Kamsarmax newbuilding contract and a $4.7 million impairment loss. Total net revenues of $28.4 million for the full year ended December 31, 2016.

18 Jan 2017

Euroseas Takes Delivery of Newbuilding Ultramax

Euroseas Ltd, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it took delivery of the previously announced acquisition of the newbuilding. The newbuilding Hull DY 160, to be renamed Alexandros P, is a 63,500 dwt Ultramax dry bulk carrier built in January 2017. Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to complete the acquisition of Alexandros P, an Ultramax drybulk carrier the construction of which we have supervised over the last two years. The Company has a fleet of 14 vessels, including one Kamsarmax drybulk carrier…

28 Dec 2016

Euroseas Sells Bulker, Adds Feeder

Euroseas Ltd. announced today that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72,119 dwt 1997-built drybulk carrier. The M/V Eleni P is the oldest drybulk vessel in the Company's fleet and is expected to be delivered to its buyers in the beginning of January 2017. Aristides Pittas, Chairman and CEO of Euroseas commented: "This transaction is an overall positive development for Euroseas and showcases our ability to take advantage of market opportunities to renew our fleet.

27 Dec 2016

Euroseas Sells Bulker, Adds Boxship

Euroseas Ltd., Greek owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72,119 dwt 1997-built drybulk carrier. The M/V Eleni P is the oldest drybulk vessel in the Company's fleet and is expected to be delivered to its buyers in the beginning of January 2017. Aristides Pittas…

21 Dec 2016

Euroseas Acquires Ultramax Newbuilding

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it signed an agreement to acquire from Dayang shipyard, Hull DY160, an Ultramax drybulk carrier, of 63,500 dwt built 2017. The vessel is expected to be delivered to the Company in January 2017 subject to a successful inspection by the Company by December 27, 2016; it will be acquired for approximately 62% of its contracted price in early 2014. The Company will apply the construction deposits already paid for Hull DY160 and a sister vessel, Hull DY 161, and contribute nominal incremental cash. Following delivery, Hull DY 160 will be named "Alexandros P".

09 Sep 2016

Euroseas Cancels Ultramax Newbuild Order

Euroseas Ltd., an owner and operator of dry bulk and container carrier vessels, has cancelled its order for an Ultramax dry bulk vessel under construction at Dayang yard due to excessive construction delays. The vessel, Hull Number DY 161, was previously scheduled for delivery at the end of August 2016. The ship owner has demanded the return of its progress payments and other expenses as specified in the contract and secured by refund guaranties. The parties have referred the matter to arbitration. In June 2016, the company cancelled another new build contract for a similar Ultramax vessel, Hull Number DY 160, with the same yard also due to excessive construction delays.

12 Aug 2016

Euroseas Reports Loss

Euroseas Ltd has announced its results for the three and six month period ended June 30, 2016 as well as certain fleet updates. Total net revenues of $7.3 million. Net loss of $19.2 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $19.6 million or $2.42 loss per share basic and diluted. The results include an impairment charge of $14.0 million on our "Investment in joint venture". Adjusted net loss attributable to common shareholders1 for the period was $0.51 per share basic and diluted. An average of 11.4 vessels were owned and operated during the second quarter of 2016 earning an average time charter equivalent rate of $7,373 per day.

04 Aug 2016

Euroseas Newbuilding Program Update

Euroseas Ltd.announced that it has signed an addendum to its shipbuilding contract with YJZ yard for the construction of Kamsarmax vessel Hull Number YZJ 1153 scheduled to be delivered during the first quarter of 2018. According to the addendum, the Company acquired the option until December 31, 2016 to decide whether to build the vessel, or build a vessel of different type, or credit the payment already made as part of the original contract ($2.77m) to acquire a different vessel from the yard at a mutually agreed price, or decide to cancel the shipbuilding contract without any additional cost. The Company took delivery of a similar Kamsarmax vessel, M/V Xenia, in February 2016.

04 Aug 2016

Euroseas Signs an Addendum Shipbuilding Contract with YJZ Yard

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has announced  certain developments related to its newbuilding program. The Greek liner has signed an addendum to its shipbuilding contract with YJZ Shipyard  for the construction of Kamsarmax vessel Hull Number YZJ 1153 scheduled to be delivered during the first quarter of 2018. According to the addendum, the Company acquired the option until December 31, 2016 to decide whether to build the vessel, or build a vessel of different type, or credit the payment already made as part of the original contract ($2.77m) to acquire a different vessel from the yard at a mutually agreed price…

25 May 2016

Euroseas Faces Headwinds, Reports Loss

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2016. •Total net revenues of $6.5 million. Net loss of $2.8 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $3.3 million or $0.40 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.0 million or $0.38 loss per share basic and diluted. •Adjusted EBITDA1 was ($0.1) million. •An average of 11.54 vessels were owned and operated during the first quarter of 2016 earning an average time charter equivalent rate of $6,565 per day.

03 Mar 2016

Euroseas Gets Newbuild Bulker

Euroseas Ltd, a Greece-based shipping company, took delivery of its newbuilding Kamsarmax dry bulk carrier Xenia and entered into a two-year time charter for its container carrier Evridiki G. The M/V Xenia was delivered from the China-based Jiangsu Yangzijiang Shipbuilding Co. on February 26. Xenia is an “eco” design Kamsarmax fuel efficient bulker with a carrying capacity of 82,000 dwt. Xenia is an "eco" design Kamsarmax fuel efficient drybulk carrier with a carrying capacity of 82,000 dwt. The M/V Xenia has commenced a time charter contract until January 2020 at a gross daily rate of $14,100 with a charterer's option to extend the charter for one additional year at a gross daily rate of $14,350.

28 Feb 2016

Euroseas Vessel Rescues 105 Migrants

Euroseas Ltd. announced today that on February 18, 2016, the crew of its container carrier, Vento di Grecale, rescued 105 Somalian, Sudanese and Egyptian migrants/refugees, including three pregnant women and a number of children from an endangered wooden boat that sank in choppy waters a few minutes after rescue. The M/V Vento di Grecale received a distress call from Malta's Marine Response Coordination Center ("MRCC Malta"), while sailing South West of Crete en route to Salerno, Italy. The ship's Captain, Rey Salcedo and crew immediately responded to the call locating the wooden boat, which was found to be holed with water leaking and secured it alongside the vessel.

06 Jan 2016

Euroseas Sells Vessels, Refinances Newbuild

Euroseas Ltd., owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced the sale of several vessels, as well as the refinancing of a newbuild and six older ships. The company said it has sold M/V Despina P, a 1,932 TEU containership, built in 1990, and of M/V Aristides NP, a 69,268 dwt drybulk carrier built in 1993, to unaffiliated third parties for recycling. M/V Despina P was delivered to its buyers on December 28, 2015. M/V Aristides NP is expected to be delivered to its buyers around January 15, 2016. Euroseas has also signed a binding termsheet to finance 69 percent of the fair market value at delivery of its newbuilding…

29 Nov 2015

Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today the sale of C/V Marinos (a 1,599 TEU Container vessel, built in 1993) to an unaffiliated third party (the "Buyers") for recycling. The Vessel was delivered to the Buyers today, November 27, 2015.

15 Feb 2015

Euroseas Reports Results FY & Q4 2014

Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2014. •Total net revenues of $11.5 million. Net loss of $7.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $7.3 million or $0.13 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.8 million or $0.07 loss per share basic and diluted. •Adjusted EBITDA1 was 0.3 million. •An average of 15.00 vessels were owned and operated during the fourth quarter of 2014 earning an average time charter equivalent rate of $7,823 per day.

16 Feb 2015

Euroseas Report Loss in 4Q, FY 2014

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2014. Total net revenues of $11.5 million. Net loss of $7.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $7.3 million or $0.13 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.8 million or $0.07 loss per share basic and diluted. Adjusted EBITDA was 0.3 million.

25 Sep 2014

Euroseas Announces $5m Share Repurchase Program

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has announced that its board of directors has approved a share repurchase program for up to a total of $5 million of the company's common stock. The board will review the program after a period of 12 months. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.

18 Oct 2015

Euroseas Sells C/V Tiger Bridge

Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today the sale of C/V Tiger Bridge (a 2,228 TEU Container vessel, built in 1990) to an unaffiliated third party (the “Buyers”) for recycling. The Company will deliver the Vessel to the Buyers latest by November 16, 2015.

03 Jan 2015

Euroseas Receives Non-Compliance Notice

Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it received notice from the Nasdaq Stock Market LLC ("Nasdaq") dated December 30, 2014 indicating that the Company is no longer in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5450(a)(1) because the closing bid price of the Company's common stock over a period of 30 consecutive business days was less than $1.00 per share. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement.