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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Bulk Carrier Trends

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Ice Hurts March’s Lakes Ore Shipments

Massive, thick ice formations on the Great Lakes limited iron ore shipments in March to 1.1 million tons, a decrease of 43 percent compared to a year ago, the Lake

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Container Ships

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

Vessels

Damen Lays Keel for Indonesian Naval Frigate

In accordance with the agreed planning in the contract for the construction of a Damen SIGMA Frigate for the Indonesian Navy, the keel laying ceremony has taken place on April 16,

Kvichak-built Hovercraft for Sale

The 95’ BHT-150 hovercraft SUNAX, built by Kvichak Marine Industries and owned and operated by Aleutians East Borough, is for sale through public competitive bid.

Intesa Sanpaolo, Vei Capital Invest in RINA

Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.2154 sec (5 req/sec)