Marine Link
Sunday, December 15, 2024

Euroseas Ltd. Takes Delivery of 15th Vessel

Maritime Activity Reports, Inc.

November 5, 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 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. The vessel has been partly financed with a bank loan of approximately $15m. On the basis of our fixed spot and existing time charters (including the M/V Ioanna P time charter) approximately 92% of our vessel capacity in the fourth quarter of 2007 and approximately 46% in 2008 are fixed, which will help protect us from market fluctuations.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week