India's Maritime Growth Fueled by Foreign Companies
Foreign players continue to dominate several segments of the Indian maritime industry: from salvage to dredging, chartering to ship management and ship manning, to name but a few. And the list of foreign firms setting up shop in India is growing as the country is hurriedly putting in place the required infrastructure to meet the huge demands of India’s growing international trade. Globally, India is the 7th largest country in area, 2nd in population and 11th in GDP, with the expectation that it will ascend to the top five in GDB by 2020. The country is blessed with a 4,700 mile coastline, making it one of the longest in the world not forgetting the 14…
Euroseas Ltd Subsidiary Expands its Fleet
Euroseas Ltd., (NASDAQ:ESEA), an owner and operator of drybulk carriers, containerships and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that its joint venture company, Euromar LLC (“Euromar”), signed a memorandum of agreement to purchase the M/V MATE, a geared containership of 35,600 dwt and 2,788 twenty foot equivalent units (teu) built in 2004 in Poland. The vessel is expected to be delivered to Euromar not later than September 30, 2011; it will be renamed EM ASTORIA after its delivery. On March 25, 2010, Euroseas entered into a Joint Venture with companies managed by Eton Park Capital Management and Rhône Capital, two recognized private investment firms to form Euromar a Marshall Islands limited liability company.
Euroseas Q4 & Year End Report
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 its results for the fourth quarter of 2009 and year ended December 31, 2009. - Net loss of $16.3 million or $0.53 loss per share basic and diluted on total net revenues of $16.5 million. The results include a $9.0 million loss from the sale of two vessels. Excluding the effect on the losses for the quarter of the loss from the sale of the vessels as well as the effect from the unrealized losses on derivatives and trading securities and the amortization of the fair value of time charter contracts acquired…
