Press Releases
Euroseas Ltd. Announces Agreement to Sell Handysize Drybulk Carrier
Maroussi, Athens, Greece ? Euroseas Ltd. (OTCBB: EUSEF.OB, formerly ESEAF.OB), a provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of Euroseas Ltd. has signed a memorandum of agreement to sell the M/V "Ariel" a handysize drybulk carrier of 33,712 dwt built in 1977.
The M/V "Ariel" will be sold for $5.35 million resulting in a capital gain of approximately $3.4 million. The vessel is to be delivered to the buyers by the middle of February 2007 at the option of Euroseas Ltd.
Aristides Pittas, Chairman and CEO of Euroseas commented: "Our strategy of reducing the average age of our fleet continues with the sale of our oldest vessel the M/V "Ariel." Following the sale of the M/V "Ariel" our average fleet age will be reduced to approximately 17 years. As we move into 2007, we will remain committed to expanding our fleet by taking advantage of market opportunities and grow our company by focusing on age and size segments which we believe maximize our return on equity."
Fleet Profile:
The Euroseas fleet profile and deployment following the sale of the M/V "Ariel" will be as follows:
About Euroseas Ltd.
Euroseas Ltd. was formed in May 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 (EUSEF.OB); until October 5, 2006 it traded under the previous ticker symbol, (ESEAF.OB)
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 sale of the M/V "Ariel" the company will have a fleet of 8 vessels, including 2 Panamax drybulk carriers, 1 Handysize drybulk carrier, 1 Intermediate container ship, 1 Handysize container ship, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas' 3 drybulk carriers will have a total cargo capacity of 173,752 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 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.
Contact:
Visit our website www.euroseas.gr
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