Euroseas Announces Delivery of Feeder Containership and Sale of Drybulk Vessel

By Vessels

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 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 Announces Delivery of Feeder Containership and Sale of Drybulk Vessel

Container ship RT DAGR - Image courtesy: Brozina Robert/Shipspotting

Aristides Pittas, Chairman and CEO of Euroseas commented: "This transaction is an overall positive development for Euroseas and showcases our ability to take advantage of market opportunities to renew our fleet. For a nominal incremental investment, the M/V Eleni P will be replaced by a larger and younger vessel, the M/V Capetan Tassos, a 75,100 dwt 2000-built drybulk vessel, whose acquisition we announced on November 23rd, 2016. We will continue positioning our fleet for a potential market recovery and exploiting investment opportunities in the present market environment."

After the sale of the M/V Eleni P, the delivery of the M/V RT Dagr, and the previously announced acquisitions of the M/V Alexandros P and the M/V Capetan Tassos (to be delivered to the Company in January 2017), the Company's fleet will consist of 14 vessels, including one Kamsarmax, three Panamax, one Ultramax and one Handymax drybulk carriers, and eight feeder containerships.

About Euroseas Ltd.: Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA since January 31, 2007.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (FE) Ltd. Inc., also an affiliated ship management company, which are responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Excluding M/V Eleni P and including the previously announced acquisitions of M/V Alexandros P and M/V Capetan Tassos (both to be delivered to the Company January 2017), the Company has a fleet of 14 vessels, including one Kamsarmax drybulk carrier, three Panamax drybulk carriers, one Ultramax drybulk carrier, one Handymax drybulk carrier, and eight Feeder containerships. Euroseas six drybulk carriers have a total cargo capacity of 417,753 dwt, its eight containerships have a cargo capacity of 13,170 teu. The Company has also signed a contract for the construction of one Kamsarmax (82,000 dwt) fuel efficient drybulk carrier. Including the new-building Kamsarmax, the total cargo capacity of the Company's drybulk vessels will be 499,753 dwt.

Source: Euroseas