-- Net income of $9.5 million or $0.40 basic earnings per share
calculated on 23,934,434 weighted average number of shares outstanding on
total net revenues of $21.5 million. Diluted earnings per share were $0.39
calculated on 24,061,880 weighted average number of shares. Earnings per
share for the third quarter of 2007 do not include $0.03 of cash flow
attributable to amortization of the fair value of period charter contracts
acquired that is usually included by security analysts in their published
estimates of earnings per share.
-- Adjusted EBITDA was $15.2 million. Please refer to a subsequent
section of the Press Release for a reconciliation of adjusted EBITDA to net
income.
-- An average 12.13 vessels were operated during the third quarter 2007
earning an average time charter equivalent rate of $20,024 per day.
-- Declared a quarterly dividend of $0.29 per share for the third quarter
2007 payable on November 28, 2007 to shareholders of record as of November
5, 2007
Nine months 2007 Highlights:
-- Net income of $25.3 million or $1.30 basic and diluted per share
calculated on 19,508,531 basic weighted average number of shares
outstanding and 19,557,805 diluted weighted average number of shares
outstanding on total net revenues of $50.6 million. Earnings per share for
the nine month period ended September 30, 2007 do not include $0.09 of cash
flow attributable to amortization of the fair value of period charter
contracts acquired that is usually included by security analysts in their
published estimates of earnings per share.
-- Adjusted EBITDA was $40.2 million. Please refer to a subsequent
section of the Press Release for a reconciliation of adjusted EBITDA to net
income.
-- An average 10.42 vessels were operated during the first nine months of
2007 earning an average time charter equivalent rate of $19,177 per day
-- Declared quarterly dividends for the first, second and third quarters
of 2007, aggregating $0.78 per share.
Fleet Developments:
-- In October 2007, took delivery of the M/V Tiger Bridge, a handysize
container ship the Company had previously agreed to acquire for $24
million, in August 2007. The vessel has a capacity of 31,627 dwt and 2,228
teu built in 1990 in South Korea. The vessels are employed on a time
charters until July 2009, at a rate of about $16,500 per day.
-- In November 2007, took delivery of the M/V Ioanna P (ex M/V Trust
Jakarta), a panamax size drybulk carrier the Company had previously agreed
to acquire in October 2007, for $28.6 million. The vessel has a capacity of
64,873 dwt, built in 1984 in Japan, The vessel is employed under a period
charter contract at a rate of $35,500 per day till July 2008.
-- Following these charter agreements, approximately 46% of Euroseas
total fleet days in 2008 are fixed under period charters, already concluded
spot charters, or, otherwise protected from market fluctuations.
Company Development:
-- In November 2007, the Company announced the closing of its 5,825,000
share follow-on public offering at a price of $17.00 per share. Net
proceeds to Euroseas after underwriting discounts and estimated offering
expenses were approximately $93.4 million. The Company intends to use the
net proceeds to acquire additional vessels in the drybulk and container
sectors and for general corporate purposes.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "The third
quarter of 2007 has continued to be one of significant progress in the
development of Euroseas as a public company. During the third quarter of
2007, we deployed the remaining of the proceeds of our July 2007 follow-on
offering increasing our revenue base and market capitalization. Equally
significantly, in November 2007, we completed our third follow-on common
stock offering raising net proceeds of about $93 million, funds that will
enable us to continue our growth. We have a fleet of 15 vessels and we
intend to continue executing our plan to grow our fleet by focusing on age
and size segments of the drybulk and containership sectors which we believe
maximize our shareholder returns. The growth of our dividend from $0.57
per share for the first nine months of 2006 to $0.78 per share for the
first nine months of 2007, a 37% increase, is the best evidence of the
effectiveness of our investment and employment strategy, especially since
it represents only a fraction of our net income even excluding any capital
gains during those periods. We believe our strategy will enable us to
continue providing consistent and significant dividends and overall returns
to our shareholders."
Tasos Aslidis, Chief Financial Officer of Euroseas, commented: "The results
of the first nine months of 2007 reflect significantly higher revenues
compared to the first nine months 2006 due to the higher average time
charter equivalent rate our vessels have achieved and the higher number of
vessels in our fleet. Specifically during the first nine months of 2007,
our fleet earned on average $19,177 per vessel per day compared to $13,766
per vessel per day during the same period in 2006. Daily vessel operating
expenses including management fees during the first nine months of 2007
reflect an increase of about 12% on a per vessel per day basis compared to
the same period in 2006. This is increase is mainly due to the increase in
euro/dollar exchange rate, higher cost of lubricants due to higher oil
prices and higher crew costs because of the increased competition in
securing quality personnel.
As of today, including the vessels we recently took delivery of, 46% of our
ship capacity days in 2008 have been fixed under time charter contracts or
protected from market fluctuations. We believe that our contract coverage
gives us a solid revenue base for 2008 and beyond, more predictable cash
flows and sufficient downside protection, while still allowing us to
participate in the potential upside of the spot market during periods of
rising market rates."
Third quarter 2007 Results:
For the third quarter of 2007, the Company reported total net revenues of
$21.5 million and net income of $9.5 million representing a 141.1% and
76.6% increase, respectively, over total net revenues of $8.9 million and
net income of $5.4 million during the third quarter of 2006. On average,
12.13 vessels were operated during the third quarter 2007 earning an
average time charter equivalent rate of $20,024 per day compared to 7.35
vessels in the same period 2006 earning on average $14,536 per day. Net
income for the third quarter of 2006 includes a $2.3 million capital gain
from the sale of M/V "John P" in July 2006. Excluding this capital gain,
net income in the third quarter of 2007 represents an increase of 207% over
the third quarter of 2006.
Adjusted EBITDA for the third quarter of 2007 was $15.2 million, a 104%
increase of $7.5 million during the third quarter of 2006; exclusive of the
capital gain in the third quarter of 2006, Adjusted EBITDA would have been
$5.2 million resulting in an increase of 193%. Please see below for
Adjusted EBITDA reconciliation to net income and cash flow provided by
operating activities.
Basic earnings per share for the third quarter of 2007 were $0.40,
calculated on 23,934,434 weighted average number of shares outstanding,
compared to earnings per share of $0.43, inclusive of a $0.18 capital gain
per share on the sale of M/V "John P," for the third quarter of 2006,
calculated on 12,620,114 weighted average number of shares outstanding.
Diluted earnings per share were $0.39 and $0.43, the latter inclusive of
capital gains of $0.18, for the third quarter of 2007 and 2006,
respectively. The Company has recently declared a quarterly dividend of
$0.29 per share, which represents its ninth consecutive quarterly dividend
and a 38% increase over last year's third quarter dividend.
Earnings per share for the third quarter of 2007 and 2006 do not include
$0.03 and ($0.02) respectively of cash flow attributable to amortization of
the fair value of period charter contracts acquired that is usually
included by security analysts in their published estimates of earnings per
share.
Nine months Ended September 30, 2007 Results:
For the nine months ended September 30, 2007, the company reported total
net revenues of $50.6 million and net income of $25.3 million,
representing a 77.9% and 65.4% increase, respectively over the same period
of 2006. Adjusted EBITDA for the period was $40.2 million, a 87.0% increase
over 2006 (please see below for Adjusted EBITDA reconciliation to net
income and cash flow from operating activities). In the first nine months
ended September 30, 2006, net revenues were $28.4 million, net income was
$15.3 million and EBITDA was $21.5 million. On average, 10.42 vessels were
operated during the period in 2007 earning an average time charter
equivalent rate of $19,177 per day compared to 7.91 vessels in the same
period 2006 earning a time charter equivalent rate of $13,766. Results for
the nine month period ended September 30, 2007 included a capital gain of
$3.4 million from the sale of M/V "Ariel," while results for the nine month
period ended September 30, 2006 included a capital gain of $4.4 million
from the sale of M/V "Pantelis P" and M/V "John P," three of the Company's
handysize vessels. Excluding the capital gains, net income and Adjusted
EBITDA for the nine month period ended September 30, 2007 increased 102%
and 116%, respectively, over the same period of 2006
Basic earnings per share for the nine months ended September 30, 2007, were
$1.30, calculated on 19,508,531 weighted average number of shares
outstanding, compared to earnings per share of $1.23 for the same period of
2006 calculated on 12,506,793 weighted average number of shares
outstanding. Diluted earnings per share were $1.30 and $1.23 for the first
nine months of 2007 and 2006, respectively.
Earnings per share for the nine month period ended September 30, 2007 and
2006 do not include $0.09 and ($0.03) respectively of cash flow
attributable to amortization of the fair value of period charter contracts
acquired that is usually included by security analysts in their published
estimates of earnings per share.
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
Year TCERate
Name Type Dwt TEU Built Employment ($/day)
------------ ------- ------ ----- -------------- --------------
Dry Bulk Vessels
Baumarine Pool- $ 17,000
IRINI (*) Panamax 69,734 1988 'til end 2008 to $ 20,000
ARISTIDES
N.P. Panamax 69,268 1993 TC 'til Jan-08 $ 29,000
IOANNA P. Panamax 64,873 1984 TC 'til Jul-08 $ 35,500
NIKOLAOS P. Handysize 34,750 1984 Spot $ 47,000
GREGOS Handysize 38,691 1984 Spot $ 57,000
Total Dry
Bulk Vessels 5 277,316
Multipurpose Dry
Cargo Vessels
$ 8,850 'til
Dec-08,
$ 9,500 'til
Dec-10,
$ 9,000 'til
TASMAN TRADER 1 22,568 950 1990 TC 'til Mar-12 Mar-12
Container Carriers
TIGER
BRIDGE Intermediate 31,627 2,228 1990 TC 'til Jul-09 $ 16,500
ARTEMIS Intermediate 29,693 2,098 1987 TC 'til Dec-08 $ 19,000
Scheduled
DESPINA P Handysize 33,667 1,932 1990 drydocking -
Scheduled
JONATHAN P Handysize 33,667 1,932 1990 drydocking -
CLAN
GLADIATOR Handysize 30,007 1,742 1992 TC 'til Apr-08 $ 19,000
YM XINGANG I Handysize 23,596 1,599 1993 TC 'til Jul-09 $ 26,650
MANOLIS P Handysize 20,346 1,452 1995 TC 'til Mar-08 $ 13,450
NINOS (ex-YM
QINGDAO I) Feeder 18,253 1,169 1990 TC 'til Apr-08 $ 12,800
KUO HSIUNG Feeder 18,154 1,169 1993 TC 'til Feb-09 $ 15,800
Total Container
Carriers 9 239,010 15,321
Fleet Grand
Total 15 538,894 16,271
(*) "IRINI," is employed in the Baumarine pool that is managed by
Klaveness, a major global charterer in the dry bulk area, and also
participates in two "short" funds (contracts to carry cargo at agreed
rates), minimizing its exposure to the spot market (covered at 77% for
2007 and 42% for 2008, approximately).
Summary Fleet Data:
3 months, 3 months, 9 months, 9 months,
ended ended ended ended
September September September September
30, 2006 30, 2007 30, 2006 30, 2007
--------- --------- --------- ---------
FLEET DATA
Average number of vessels (1) 7.35 12.13 7.91 10.42
Calendar days for fleet (2) 676.00 1,116.00 2,159.0 2,844.0
Available days for fleet (3) 652.00 1,100.41 2,111.9 2,727.0
Voyage days for fleet (4) 628.27 1,100.28 2,083.9 2,723.4
Fleet utilization (5) 96.36% 99.99% 98.68% 99.87%
AVERAGE DAILY RESULTS
Time charter equivalent rate
(6) 14,536 20,024 13,766 19,177
Vessel operating expenses (7) 4,466 5,233 4,281 4,797
General and administrative
expenses (8) 350 434 351 411
Total vessel operating expenses
(9) 4,816 5,667 4,632 5,208
--------- --------- --------- ---------
(1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of
calendar days each vessel was a part of our fleet during the period divided
by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a
period during which each vessel in our fleet was in our possession
including off-hire days associated with major repairs, drydockings or
special or intermediate surveys. Calendar days are an indicator of the size
of our fleet over a period and affect both the amount of revenues and the
amount of expenses that we record during that period.
(3) Available days. We define available days as the total number of days in
a period during which each vessel in our fleet was in our possession net of
off-hire days associated with scheduled repairs, drydockings or special or
intermediate surveys. The shipping industry uses available days to measure
the number of days in a period during which vessels were available to
generate revenues.
(4) Voyage days. We define voyage days as the total number of days in a
period during which each vessel in our fleet was in our possession net of
off-hire days associated with scheduled and unscheduled repairs,
drydockings or special or intermediate surveys or days waiting to find
employment or other offhire. The shipping industry uses voyage days to
measure the number of days in a period during which vessels actually
generate revenues.
(5) Fleet utilization. We calculate fleet utilization by dividing the
number of our voyage days during a period by the number of our available
days during that period. The shipping industry uses fleet utilization to
measure a company's efficiency in finding suitable employment for its
vessels and minimizing the amount of days that its vessels are off-hire for
reasons such as unscheduled repairs or days waiting to find employment.
(6) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing revenue generated from voyage charters net of voyage expenses by
available days for the relevant time period. Voyage expenses primarily
consist of port, canal and fuel costs that are unique to a particular
voyage, which would otherwise be paid by the charterer under a time charter
contract, as well as commissions. TCE is a standard shipping industry
performance measure used primarily to compare period-to-period changes in a
shipping company's performance despite changes in the mix of charter types
(i.e., spot voyage charters, time charters and bareboat charters) under
which the vessels may be employed between the periods.
(7) Daily vessel operating expenses, which includes crew costs, provisions,
deck and engine stores, lubricating oil, insurance, maintenance and
repairs, are calculated by dividing vessel operating expenses by fleet
calendar days for the relevant time period.
(8) Daily general and administrative expense is calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period.
(9) Total vessel operating expenses, or TVOE, is a measure of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses and general and administrative expenses. Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the relevant time
period.
Conference Call and Webcast:
Tomorrow, Friday, November 30, 2007 at 10:00 a.m. EST, the company's
management will host a conference call to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329
(from the UK) or +44 (0)1452 542 301 (international standard dial in).
Please quote "Euroseas."
In case of any problems with the above numbers, please dial 1 866 223 0615
(from the US), 0800 694 1503 (from the UK) or +44 (0)1452 586 513
(international standard dial in). Quote "Euroseas."
A recording of the conference call will be available until December 7, 2007
by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or +44
(0)1452 550 000 (international standard dial in). Access Code: 6973591#
Audio webcast - Slides Presentation:
There will be a live and then archived audio webcast of the conference
call, via the internet through the Euroseas website (www.euroseas.gr).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
A slides presentation on the third quarter and nine month period ended
September 30, 2007 results in PDF format will also be available 30 minutes
prior to the conference call and webcast accessible on the company's
website (www.euroseas.gr) on the webcast page. Participants to the webcast
can download the PDF presentation.
Euroseas Ltd.
Consolidated Condensed Statement of Income
(All amounts expressed in U.S. Dollars - except share amounts)
Three Months Three Months Nine months Nine months
Ended Ended, Ended, Ended
September September September September
30, 2006 30, 2007 30, 2006 30, 2007
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues
Voyage revenue 9,280,725 22,538,504 29,701,945 53,062,852
Commissions (384,437) (1,086,167) (1,280,405) (2,507,268)
Net revenues 8,896,288 21,452,337 28,421,540 50,555,584
Operating expenses
Voyage expenses 148,018 506,663 1,014,383 835,286
Vessel operating
expenses 2,488,781 4,867,262 7,599,948 11,217,421
Amortization and
depreciation 1,794,682 4,667,638 4,989,757 10,830,769
Management fees 530,292 973,416 1,643,142 2,424,794
Other general and
administrative
expenses 236,341 484,302 758,281 1,168,218
Total operating
expenses 5,198,114 11,499,281 16,005,511 26,476,488
Net gain from sale
of vessel 2,280,057 - 4,445,856 3,411,397
Operating income 5,978,231 9,953,056 16,861,885 27,490,493
Other
income/(expenses)
Interest and
finance cost (867,004) (1,233,086) (2,258,950) (3,591,190)
Interest income 250,210 751,966 720,551 1,447,947
Foreign exchange
(loss)/gain 943 (1,824) (1,064) (1,764)
Other expenses,
net (615,851) (482,944) (1,539,463) (2,145,007)
------------ ------------ ------------ ------------
Net income 5,362,380 9,470,112 15,322,422 25,345,486
------------ ------------ ------------ ------------
Earnings, per
share, basic 0.43 0.40 1.23 1.30
Weighted average
number of shares,
basic 12,620,114 23,934,434 12,506,793 19,508,531
------------ ------------ ------------ ------------
Earnings, per
share, diluted 0.43 0.39 1.23 1.3
------------ ------------ ------------ ------------
Weighted average
number of shares,
diluted 12,620,114 24,061,880 12,506,793 19,557,805
------------ ------------ ------------ ------------
Euroseas Ltd.
Consolidated Condensed Balance Sheet
(All amounts expressed in U.S. Dollars)
December 31, September 30,
2006 2007
------------- -------------
ASSETS (unaudited) (unaudited)
Current Assets:
Cash and cash equivalents 2,791,107 43,159,409
Trade accounts receivables 378,216 274,476
Other receivables 268,864 306,313
Due from related company 2,649,259 4,067,773
Inventories 716,131 1,100,932
Restricted cash 1,146,621 951,997
Vessel held for sale, net 1,782,840 -
Prepaid expenses 242,558 549,432
Total current assets 9,975,596 50,410,332
Fixed assets:
Vessels, net 95,494,342 181,375,853
Cash advances for vessel acquisitions - 2,408,154
Long-term assets:
Restricted cash 2,700,000 3,900,000
Deferred charges, net 1,291,844 3,617,066
Deferred offering expenses 500,000 -
Fair value of above market time charter
acquired 7,543,477 5,342,287
Total long-term assets 107,529,663 196,643,360
Total assets 117,505,259 247,053,692
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Long term debt, current portion 18,040,000 18,480,000
Trade accounts payable 1,034,713 1,865,545
Accrued expenses 1,233,185 1,396,125
Deferred revenue 1,357,501 4,085,797
Total current liabilities 21,665,399 25,827,467
Long-term liabilities:
Long term debt, net of current portion 56,910,000 52,880,000
Fair value of below market time charter
acquired 918,200 569,553
Total long-term liabilities 57,828,200 53,449,553
Total liabilities 79,493,599 79,277,020
Shareholders' equity:
Common stock (par value $0.03, 100,000,000
shares authorized, 12,620,150 and
24,242,979 issued and outstanding)
Preferred shares (par value $0.01,
20,000,000 shares authorized, no shares
issued and outstanding) 378,605 727,290
Additional paid-in capital 18,283,767 135,592,427
Retained earnings 19,349,288 31,456,955
Total shareholders' equity 38,011,660 167,776,672
Total liabilities and shareholders' equity 117,505,259 247,053,692
------------- -------------
Euroseas Ltd.
Reconciliation of Adjusted EBITDA to
Net Income and Cash Flow Provided By Operating Activities
(All amounts expressed in U.S. Dollars)
Three Three Nine Nine
Months Months months months
Ended Ended Ended Ended
September September September September
30, 2006 30, 2007 30, 2006 30, 2007
---------- ---------- ---------- ----------
Net income 5,362,380 9,470,112 15,322,422 25,345,486
Interest and finance costs,
net (includes interest
income) 616,794 481,120 1,538,399 2,143,243
Depreciation and
amortization 1,794,682 4,667,638 4,989,757 10,830,769
Amortization of deferred
revenue of below market
time charter acquired (286,566) (116,856) (369,806) (348,647)
Amortization of deferred
revenue of above market
time charter acquired - 737,773 - 2,201,190
Adjusted EBITDA 7,487,290 15,239,787 21,480,772 40,172,041
========== ========== ========== ==========
Three Three Nine Nine
Months Months months months
Ended Ended Ended Ended
September September September September
30, 2006 30, 2007 30, 2006 30, 2007
----------- ----------- ---------- -----------
Net cash flow provided by
operating activities 4,262,431 11,989,767 15,715,298 33,312,855
Changes in operating assets
/ liabilities 350,664 2,785,603 (159,999) 1,359,099
Gain from vessel sale 2,280,057 - 4,445,856 3,411,397
Interest, net 594,138 464,417 1,479,617 2,088,690
Adjusted EBITDA 7,487,290 15,239,787 21,480,772 40,172,041
=========== ========== ========== ===========
EBITDA Reconciliation:
Euroseas Ltd. considers Adjusted EBITDA to represent net earnings before
interest, taxes, depreciation, amortization and amortization of deferred
revenues from above or below market time charters acquired. Adjusted EBITDA
does not represent and should not be considered as an alternative to net
income or cash flow from operations, as determined by United States
generally accepted accounting principles, or U.S. GAAP, and our calculation
of Adjusted EBITDA may not be comparable to that reported by other
companies. Adjusted EBITDA is included herein because it is a basis upon
which we assess our liquidity position and because we believe that it
presents useful information to investors regarding a company's ability to
service and/or incur indebtedness. The Company's definition of Adjusted
EBITDA may not be the same as that used by other companies in the shipping
or other industries.
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 136 years. Euroseas trades on the NASDAQ Global 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 9001:2000
certified affiliated ship management company, which is 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.
The Company has a fleet of 15 vessels, including 3 Panamax drybulk
carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5
Handysize container ships, 2 Feeder container ships and a multipurpose dry
cargo vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of
277,316 dwt, its 9 container ships will have a cargo capacity of 15,321 teu
and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950
teu.
Forward-Looking Statement
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further time
charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and
similar expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that
such expectations will prove to have been correct. These statements involve
known and unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of the Company. Actual
results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to changes in the demand for
dry bulk vessels and container ships, competitive factors in the market in
which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
Contact Information: Contact: Visit our website www.euroseas.gr Company Contact Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr Investor Relations / Financial Media Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com