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
Euroseas Ltd. Declares Quarterly Dividend of $0.22 per Common Share
| Source: Euroseas Ltd.
MAROUSSI, GREECE -- (MARKET WIRE) -- January 8, 2007 -- Euroseas Ltd. (OTCBB : EUSEF ), an owner and
operator of drybulk and container carrier vessels and a provider of
seaborne transportation for drybulk and containerized cargoes, announced
today that it has declared a dividend of $0.22 per common share for the
fourth quarter of 2006. The dividend is payable on or about February 15,
2007 to all shareholders of record as of January 29, 2007. This dividend
marks an increase of 5% from the prior quarter's dividend of $0.21 per
share and an increase of $0.04 or 22% from the prior year's fourth quarter
dividend of $0.18 per share.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "This dividend
marks our sixth consecutive quarterly dividend aggregating $1.18 per common
share. This consistent increase is a tribute to our stated business
strategy of seeking consistent shareholder returns through balanced
deployment of our vessels among the period and spot markets, careful timing
of the purchase and sale of quality vessels in the age and size segments
which we believe maximize our return on equity."
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, who have been in the shipping business over the
past 135 years. Euroseas trades on the OTCBB under the ticker (OTCBB : EUSEF ); prior to 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 sale of the M/V "Ariel" (which is expected to occur in
February 2007), 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 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.