Euroseas Announces Time Charter Contracts

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 the following chartering arrangements for two of its container carriers: 
 
a) EM Athens, a 2,506 teu 2000-built vessel, entered into a charter for about a year period at a gross daily rate of $10,400, and,

b) Manolis P, a 1,452 teu 1995-built vessel, extended its current charter contract for about a year at a gross daily rate of $9,500
 
The new charters will commence on April 9 for the EM Athens and April 7 for the Manolis. Euroseas typically announces charter arrangements of a year or longer duration. 
 
Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are very pleased to announce the new charter and the extension of another for one more year for two of our containerships. These charters are roughly 30% higher than what the ships earned prior and is a clear sign that the sector is recovering. We have positioned our container fleet to take advantage of this anticipated rising market and, currently, have 6 more vessels that come up for renewal of their charters within the following 3 months. We remain optimistic for the containership market prospects and are actively seeking to grow the company and enhance shareholder value.”