Fleet Profile:
The Euroseas Ltd. fleet profile after the acquisition of the m/v Honor
River and m/v Beauty River will be as follows:
Year TCE Rate
Name Type Dwt TEU Built Employment ($/day)
Dry Bulk
Vessels
IRINI Panamax 69,734 1988 Baumarine $17,000 to
Pool - 'til $20,000 (*)
end 2008
ARISTIDES N.P. Panamax 69,268 1993 TC 'til $29,000
Jan-08
NIKOLAOS P. Handysize 34,750 1984 TC 'til $21,300
Aug-07
GREGOS Handysize 38,691 1984 Spot $22,500
Total Dry Bulk
Vessels 4 212,443
Multipurpose
Dry Cargo
Vessels
$8,850 'til
Dec-08,
TASMAN TRADER 1 22,568 950 1990 TC 'til $9,500 'til
Mar-12 Dec-10,
$9,000 'til
Mar-12
Container
Carriers
ARTEMIS Intermediate 29,693 2,098 1987 TC 'til $19,000
Dec-08
HONOR RIVER Handysize 33,667 1,932 1990 - -
BEAUTY RIVER Handysize 33,667 1,932 1990 - -
CLAN GLADIATOR Handysize 30,007 1,742 1992 TC 'til $19,000
Apr-08
YM XINGANG I Handysize 23,596 1,599 1993 TC 'til $26,650
Jul-09
MANOLIS P Handysize 20,346 1,452 1995 TC 'til $13,450
Mar-08
NINOS (ex-YM
QINGDAO I) Feeder 18,253 1,169 1990 TC 'til $12,800
Apr-08
KUO HSIUNG Feeder 18,154 1,169 1993 TC 'til $12,000
Nov-07
Total Container
Carriers 8 207,383 13,093
Fleet Grand
Total 13 442,394 14,043
(*) The owning company of m/v "Irini" participates in 2 short funds
(contracts of affreightment to carry cargo) that provide an effective
coverage of m/v "Irini" for 77% in 2007 and 42% in 2008. The combination of
the short funds and pool employment secures the mentioned rate range for
the percent of the earnings mentioned above respectively in 2007 and 2008.
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. As of January 31, 2007, Euroseas trades on the NASDAQ
Global Market under the ticker ESEA (previously it traded on the Over The
Counter Bulletin Board under the ticker symbol EUSEF.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.
After the purchase of m/v Honor River and m/v Beauty River the Company will
have a fleet of 13 vessels, including 2 Panamax drybulk carriers, 2
Handysize drybulk carriers, 1 Intermediate container ship, 5 Handysize
container ships, 2 Feeder container ships and a multipurpose dry cargo
vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 212,443
dwt, its 8 container ships have a cargo capacity of 13,093 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 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