Marine Link
Tuesday, October 24, 2017

Euroseas Ltd

Euroseas Ltd. Takes Delivery of 14th Vessel

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.

Euroseas Time Charter Renewals for Two Containerships

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Euroseas Ltd., (NASDAQ:ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that two subsidiaries of the Company has entered into time charter agreement for the following vessels: M/V Ninos, a 1,169 teu, 1990 built feeder containership, has been extended for about 1 year at a gross daily rate of $11,200. The new rate will apply from the 1st of June 2011

Euroseas to Purchase Containership

Euroseas Ltd., an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, has signed a Memorandum of Agreement to purchase the M/V Clan Gladiator, a Handysize container ship of 30,007 dwt and 1,742 teu built in 1992 in Germany for $25.7m. The vessel is scheduled to be delivered to Euroseas around June 11, 2007, at the sellers' option. It will be financed partly by bank debt

Euroseas Announces Pricing of Public Offering

Euroseas Ltd., announced that its public offering of 5,000,000 shares of common stock was priced at $13.50 per share. Euroseas has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any. The company intends to use the net proceeds of the offering to acquire additional vessels in the sectors in which it currently operates and for general corporate purposes.

Euroseas Takes Delivery of Container Ships

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has taken delivery of the M/V Beauty River to be re-named Despina P and the M/V Honor River to be re-named Jonathan P, two handysize container ships it had previously agreed to acquire, each with a capacity of 33,667 dwt and 1,932 teu. The vessels are sister ships built in 1990 in South Korea.

Euroseas Ltd. Takes Delivery of 15th Vessel

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 Trust Jakarta, to be renamed Ioanna P, a Panamax drybulk vessel of 64,873 dwt built in 1984 in Japan. The vessel was acquired for approximately $28.6m and was delivered with a time charter attached until July 2008 at a rate of $35,500 per day

Euroseas Report Loss in 4Q, FY 2014

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  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 and full year ended December 31, 2014. Total net revenues of $11.5 million. Net loss of $7.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $7.3 million or $0

Euroseas Cancels Ultramax Newbuild Order

Euroseas Ltd., an owner and operator of dry bulk and container carrier vessels, has cancelled its order for an Ultramax dry bulk vessel under construction at Dayang yard due to excessive construction delays.   The vessel, Hull Number DY 161, was previously scheduled for delivery at the end of August 2016.   The ship owner has demanded the return of its progress payments and other expenses as specified in the contract and secured by refund guaranties

Euroseas Sells Bulker, Adds Boxship

Photo: Euroseas Ltd

 Euroseas Ltd., Greek owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998.    As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock.   The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72

Euroseas Takes Delivery of Newbuilding Ultramax

Photo: Euroseas Ltd

Euroseas Ltd, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it took delivery of the previously announced acquisition of the newbuilding.   The newbuilding Hull DY 160, to be renamed Alexandros P, is a 63,500 dwt Ultramax dry bulk carrier built in January 2017.   Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to complete the

Euroseas Sees Improvement in Cargo Shipping

Pic: Euroseas Ltd

 The beginning of 2017 found both the drybulk and containership markets recovering from the historical low levels observed during 2016, says Euroseas Chairman.   Aristides Pittas, Chairman and CEO of Euroseas said that the drybulk market improved rapidly during the last two months of 2016 and throughout the first quarter, although it has recently lost some of the gains achieved.    The containership market improved more gradually starting in February 2017

Euroseas Acquires Container Feeder Vessel

Photo: Euroseas Ltd

 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.  

Euroseas Acquires Vessels and Full Ownership of Euromar

File Photo: Euroseas Ltd

 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

Euroseas Acquires New Vessels

File Pic: Euroseas Ltd

 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

Euroseas Sells C/V Marinos

CV Marinos Courtresy Euroseas

  Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today the sale of C/V Marinos (a 1,599 TEU Container vessel, built in 1993) to an unaffiliated third party (the "Buyers") for recycling. The Vessel was delivered to the Buyers today, November 27, 2015.

Euroseas Sells Vessels, Refinances Newbuild

Their First Panamax Photo Euroseas

Euroseas Ltd., owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced the sale of several vessels, as well as the refinancing of a newbuild and six older ships. The company said it has sold M/V Despina P, a 1,932 TEU containership, built in 1990, and of M/V Aristides NP, a 69,268 dwt drybulk carrier built in 1993, to unaffiliated third parties for recycling

Euroseas Vessel Rescues 105 Migrants

Container carrier, Vento di Grecale Courtesy Euroseas Ltd.

Euroseas Ltd. announced today that on February 18, 2016, the crew of its container carrier, Vento di Grecale, rescued 105 Somalian, Sudanese and Egyptian migrants/refugees, including three pregnant women and a number of children from an endangered wooden boat that sank in choppy waters a few minutes after rescue. The M/V Vento di Grecale received a distress call from Malta's Marine Response Coordination Center ("MRCC Malta"), while sailing South West of Crete en route to Salerno

Euroseas Gets Newbuild Bulker

Kamsarmax Drybulk Vessels. Image by Paragon Shipping

 Euroseas Ltd, a Greece-based shipping company, took delivery of its newbuilding Kamsarmax dry bulk carrier Xenia and entered into a two-year time charter for its container carrier Evridiki G.   The M/V Xenia was delivered from the China-based Jiangsu Yangzijiang Shipbuilding Co. on February 26. Xenia is an “eco” design Kamsarmax fuel efficient bulker with a carrying capacity of 82,000 dwt.  

Euroseas Faces Headwinds, Reports Loss

Image courtesy of Euroseas

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, 2016. First Quarter 2016 Highlights: •Total net revenues of $6.5 million. Net loss of $2.8 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $3.3 million or $0

Euroseas Signs an Addendum Shipbuilding Contract with YJZ Yard

Photo: Euroseas Ltd

 Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has announced  certain developments related to its newbuilding program.   The Greek liner has signed an addendum to its shipbuilding contract with YJZ Shipyard  for the construction of Kamsarmax vessel Hull Number YZJ 1153 scheduled to be delivered during the first quarter of 2018.   

Euroseas Newbuilding Program Update

Photo Euroseas

Euroseas Ltd.announced that it has signed an addendum to its shipbuilding contract with YJZ yard for the construction of Kamsarmax vessel Hull Number YZJ 1153 scheduled to be delivered during the first quarter of 2018. According to the addendum, the Company acquired the option until December 31, 2016 to decide whether to build the vessel, or build a vessel of different type, or credit the payment already made as part of the original contract ($2

Euroseas Reports Loss

Photo: Euroseas Ltd

 Euroseas Ltd has announced its results for the three and six month period ended June 30, 2016 as well as certain fleet updates.    Total net revenues of $7.3 million. Net loss of $19.2 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $19.6 million or $2.42 loss per share basic and diluted.    The results include an impairment charge of $14

Euroseas Acquires Ultramax Newbuilding

Photo: Euroseas Ltd

 Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it signed an agreement to acquire from Dayang shipyard, Hull DY160, an Ultramax drybulk carrier, of 63,500 dwt built 2017.    The vessel is expected to be delivered to the Company in January 2017 subject to a successful inspection by the Company by December 27

Euroseas Sells Bulker, Adds Feeder

Courtesy Euroseas

Euroseas Ltd. announced today that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72,119 dwt 1997-built drybulk carrier. The M/V Eleni P is the oldest drybulk vessel in the Company's fleet and is expected to be delivered to its buyers in the beginning of January 2017

Euroseas Reports Q4 Loss

Pic: Euroseas Ltd

 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

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