Euroseas Ltd. Takes Delivery of 14th Vessel
October 8, 2007
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers and container ships and provider of seaborne transportation for drybulk and containerized cargoes, announced that it has taken delivery of the M/V Tiger Bridge, an intermediate container ship of 30,400 dwt and 2,228 twenty-foot equivalent units (teu) built in 1990 in Korea. The vessel was acquired for approximately $24m and comes with a period charter attached until July 2009 at a rate of $16,500 per day. Following the delivery of M/V Tiger Bridge and of the contracted to be acquired, M/V Ioanna P, approximately 79% of Euroseas total fleet days in the fourth quarter of 2007 and approximately 45% in 2008 will be fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.
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