MAROUSSI, GREECE -- (MARKET WIRE) -- November 17, 2006 -- Euroseas Ltd. (
OTCBB:
EUSEF), formerly
(
OTCBB:
ESEAF), an owner and operator of drybulk carriers, container ship
and multipurpose vessels and provider of seaborne transportation for
drybulk and containerized cargoes, announced today that on November 15,
2006, it took delivery of M/V YM Xingang I, a Handysize container ship of
23,596 dwt and 1,599 teu built in 1993 in Germany, which it had previously
agreed to acquire. The M/V YM Xingang I was acquired for $27.25 million
and comes with a period charter attached until July 2009 at a rate of
$26,650 per day.
Fleet Profile:
The fleet profile of Euroseas after the acquisition of m/v YM Xingang I in
its fleet is as follows:
Year
Name Type Dwt TEU Built Employment
------------ ------------ ------- ----- ---- ------------------------------
DryBulk
Vessels
------------ ------------ ------- ----- ---- ------------------------------
ARISTIDES
N.P. Panamax 69,268 1993 Spot
------------ ------------ ------- ----- ---- ------------------------------
IRINI Panamax 69,734 1988 Baumarine Pool - 'til end 2008
------------ ------------ ------- ----- ---- ------------------------------
NIKOLAOS P. Handysize 34,750 1984 Spot
------------ ------------ ------- ----- ---- ------------------------------
ARIEL Handysize 33,712 1977 Spot
------------ ------------ ------- ----- ---- ------------------------------
Total
DryBulk
Vessels 4 207,464
------------ ------------ ------- ----- ---- ------------------------------
------------ ------------ ------- ----- ---- ------------------------------
Container
Carriers
------------ ------------ ------- ----- ---- ------------------------------
YM XINGANG I Handysize 23,596 1,599 1993 Period Charter 'til July-09
------------ ------------ ------- ----- ---- ------------------------------
------------ ------------ ------- ----- ---- ------------------------------
KUO HSIUNG Feeder 18,154 1,269 1993 Period Charter 'til Nov-07
------------ ------------ ------- ----- ---- ------------------------------
YM QINGDAO I Feeder 18,253 1,269 1990 Period Charter 'til Mar-07
------------ ------------ ------- ----- ---- ------------------------------
ARTEMIS Intermediate 29,693 2,098 1987 Period Charter 'til Dec-08
------------ ------------ ------- ----- ---- ------------------------------
Total
Container
Carriers 4 89,698 6,235
------------ ------------ ------- ----- ---- ------------------------------
------------ ------------ ------- ----- ---- ------------------------------
Multipurpose
Vessels
------------ ------------ ------- ----- ---- ------------------------------
Tasman
Trader 1 22,568 950 1990 Period Charter 'til Mar-12
------------ ------------ ------- ----- ---- ------------------------------
------------ ------------ ------- ----- ---- ------------------------------
Fleet Grand
Total 9 319,728 7,185
------------ ------------ ------- ----- ---- ------------------------------
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 135 years. Euroseas trades on the OTCBB under the ticker (
OTCBB:
EUSEF); until October 5, 2006 it traded under the previous ticker symbol
(
OTCBB:
ESEAF).
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.
Following the acquisition of the M/V YM Xingang I the Company has a fleet
of 9 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk
carriers, 1 Intermediate container ship, 1 Handysize container ship, 2
Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 4
drybulk carriers have a total cargo capacity of 207,464 dwt, its 4
container ships have a cargo capacity of 6,235 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 carriers, container ships and multipurpose vessels, 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.
www.euroseas.gr
Contact Information: Company Contact
Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
2693 Fair View Drive
Mountainside, NJ 07092
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