Euromar News

The Women’s International Shipping & Trading Association (WISTA) has welcome Portugal to the global network of executive women in shipping.The launch of WISTA Portugal was announced today by Ana Paula Vitorino, Portugal’s Minister of the Sea at Portugal Shipping. WISTA Portugal joins 44 other National WISTA Associations (NWAs).“WISTA International has had a strong relationship with Portugal’s women in shipping,” said WISTA International President Despina Panayiotou Theodosiou. “We are proud to formally include Portugal in the WISTA family. Portugal’s significance among maritime countries, especially in Europe, brings new avenues for business to WISTA…

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.

Euroseas  announced that it took delivery of M/V EM Athens, a feeder containership of 2,506 teu built in 2000 that the Company agreed to acquire last month from Euromar, a wholly-owned subsidiary of the Company that previously was partially owned by the Company. M/V EM Athens was acquired along with EM Oinousses, a feeder size containership also of 2,506 teu built in 2000. The Company also announced today that it exercised its 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. The Company has secured financing for the acquisitions of the four vessels with a combination of debt and equity.

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.

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.

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.

Portugal’s second shipping register, the International Shipping Register of Madeira (MAR), is currently the strongest-growing flag in Europe. In the last six months, MAR’s fleet has increased by more than 60 new vessels representing net growth of 130% in terms of tonnage. Among the new entrants to the register are vessels owned by more than 20 of Germany’s leading companies. The growth has been achieved since Sociedade de Desenvolvimento da Madeira (SDM), the official body responsible for promoting MAR, established a strategic partnership with European Mar Lda (Euromar) in Funchal and Hamburg, run by former Liberian Registry executives Dr. Albrecht Gundermann and Captain JörgMolzahn.

Euroseas signs new building agreements for the acquisition of two fuel efficient kamsarmax drybulk carriers and announces new acquisition for its joint venture Euromar. Euroseas Ltd., a Greek owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it has signed a contract for the acquisition of two Eco design kamsarmax fuel efficient drybulk carriers. The vessels will have a carrying capacity of 82,000 dwt each and will be built at Jiangsu Yangzijiang Shipbuilding Co. The two newbuildings are scheduled to be delivered in the fourth quarter of 2015 and in the fourth quarter of 2016. The total consideration for these two newbuilding contracts is a bit below $60 million.

Euroseas Ltd., 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 three month period ended March 31, 2013. •Net loss of $4.6 million or $0.10 loss per share basic and diluted on total net revenues of $10.9 million. Adjusted net loss 1 for the period was the same. •Adjusted EBITDA 1 was $(0.1) million. •An average of 15.00 vessels were owned and operated during the first quarter of 2013 earning an average time charter equivalent rate of $8,718 per day. •Declared a quarterly dividend of $0.015 per share for the first quarter of 2013 payable on June 14, 2013 to shareholders of record on June 5, 2013. This is the thirty-first consecutive quarterly dividend declared.

Athens, Greece - Euroseas Ltd., an owner and operator of dry bulk carriers, containerships and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that its joint venture, Euromar LLC ("Euromar"), signed a memorandum of agreement to purchase the M/V Cap Norte , a gearless containership of 41,850 dwt and 3,091 teu, built in 2007 in Poland. M/V Cap Norte comes with a three-year time charter at about $17,500 per day to a first class charterer. M/V Cap Norte, to be renamed EM Kea, is expected to be delivered not later than June 16, 2012. "We are very pleased to announce Euromar's 10th acquisition…

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 and nine month periods ended September 30, 2011. For the 3Q 2011, net income of $0.6 million or $0.02 earnings per share basic and diluted on total net revenues of $16.2 million. Excluding the effect of unrealized and realized loss on derivatives and unrealized loss on trading securities, the net income for the period would have been $1.7 million or $0.06 earnings per share basic and diluted. An average of 16.00 vessels were owned and operated during the third quarter of 2011 earning an average time charter equivalent rate of $11,633 per day.

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 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, 2011. -Net loss of $0.6 million or $0.02 loss per share basic and diluted on total net revenues of $14.2 million. Excluding the effect of unrealized gain and realized losses on derivatives, unrealized loss on trading securities and amortization of the fair value of charters acquired…