Euroseas Ltd Subsidiary Expands its Fleet

Tuesday, June 14, 2011

(Source: Euroseas Ltd Press Release)


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. Eton Park's investments are made through Paros Ltd., a Cayman Islands exempted company, and Rhône's investments are made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP.  Pursuant to the terms of the Joint Venture, Euroseas would invest up to $25.0 million for a 14.28% interest in the Joint Venture, while EtonParkand Rhône would each invest up to $75.0 million for a 42.86% interest each in the Joint Venture, for a total of $175.0 million. Euroseas has contributed $15.0 million of its $25.0 million commitment to-date.

With the acquisition of M/V MATE, Euromar will have purchased seven geared containerships with an average age of approximately 7.6 years. As of June 10, Euromar's fleet profile is as follows:

Name

Type

Dwt

TEU

Year Built

MATE (to be renamed EM ASTORIA)(*)

Intermediate

35,600

2,788

2004

CMA CGM TELOPEA

Intermediate

37,180

2,785

2007

MAERSK NAIROBI

Intermediate

34,717

2,556

2001

EMATHENS

Intermediate

32,350

2,506

2000

EMCHIOS

Intermediate

32,350

2,506

2000

EM SPETSES

Handysize

23,400

1,740

2007

EM HYDRA

Handysize

23,400

1,740

2005

Totals

7

218,299

16,621

 

 

(*) EM ASTORIA is expected to be delivered before 30 September 2011

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

MARAD to Host Meeting on Proposed Delfin LNG License

MARAD Announces Public Scoping Meetings for Proposed Delfin Liquefied Natural Gas Deepwater Port Export Facility.   On July 29, the Maritime Administration

Bulk Carrier Trends

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

Asia Dry Bulk-Capesize Rates Could Soften

Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely

Vale Sells Four 'ValeMax' Bulkers to China Merchants

Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China

Container Ships

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Matson Settles with Hawaii Settle on Molasses Incident

Pacific cargo shipper Matson, Inc. informs that a settlement has been reached with the State of Hawaii to resolve all civil, criminal and administrative claims

Vessels

UK Navy Chooses Effer Crane Again

Cranes manufacturer Effer informs its marine crane has recently been installed aboard the U.K. Royal Navy’s patrol vessel HMS Mersey.   The new 5s 275M crane,

RoRo Launched for Royal Bahamas Defense Force

A Damen RoRo 5612 was launched this month at Halong Shipyard in Vietnam, the shipbuilder announced. The RoRo is one of nine Damen vessels ordered by the Royal

Fire-stricken Icebreaker Overhauled

SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul   SENER reports it has completed the engineering works relating to

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3909 sec (3 req/sec)