Most Popular White Papers
Content provided in partnership with
Euroseas Ltd. Enters One of Its Feeder Ships Into a Time Charter Agreement
Market Wire, October, 2007
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that it has extended the time charter agreement of M/V Kuo Hsiung for a further 14 months at a gross daily rate of $15,800 per day. The charter will commence on December 16, 2007. The M/V Kuo Hsiung is an 18,154 dwt feeder ship built in 1993 with capacity of 1,169 teu.
With the commencement of this charter and following the delivery of the "Tiger Bridge" to its fleet by October 10, 2007, at the sellers option, approximately 78% of Euroseas total fleet days in Q4 2007 and approximately 45% in 2008 will be fixed under period charters, already concluded spot charters or otherwise protected from market fluctuations.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce the extension of time charter for the M/V Kuo Hsiung at an accretive rate. This extension comes at a time when the container markets are strengthening due to an increase in world trade and trade routes. This fixture at $15,800 per day is 30% higher than the $12,000 per day this ship was earning up to now by the same charterers. Our strategy is to continue to take full advantage of any opportunities we see in the container and dry bulk markets and employ our vessels in a mixture of spot and period charter in such a way as we believe will maximize returns to our shareholders. In that respect, we are happy that only 70% and 11% of our drybulk operating days are fixed for Q4 2007 and 2008, respectively, as we believe we will be able to benefit from the present strong rates. Similarly, we believe that we will be able to continue re-chartering our containerships that come open this year and next at higher rates as well."
Fleet Profile:
The fleet profile of Euroseas after the acquisition of M/V Tiger Bridge in
its fleet will be as follows:
Year TCERate
Name Type Dwt TEU Built Employment ($/day)
------------ ------- ------ ----- ---------- ------------
Dry Bulk Vessels
------------ ------- ------ ----- ---------- ------------
Baumarine
IRINI (*) Panamax 69,734 1988 Pool-'til $ 17,000 to
end 2008 $ 20,000(*)
------------ ------- ------ ----- ---------- ------------
TC 'til
ARISTIDES N.P. Panamax 69,268 1993 Jan-08 $ 29,000
------------ ------- ------ ----- ---------- ------------
TC 'til
NIKOLAOS P. Handysize 34,750 1984 Nov-07 $ 21,300
------------ ------- ------ ----- ---------- ------------
GREGOS Handysize 38,691 1984 Spot $ 43,250
------------ ------- ------ ----- ---------- ------------
Total Dry Bulk
Vessels 4 212,443
------------ ------- ------ ----- ---------- ------------
------------ ------- ------ ----- ---------- ------------
Multipurpose Dry
Cargo Vessels
------------ ------- ------ ----- ---------- ------------
$ 8,850 'til
Dec-08,
TC 'til $ 9,500 'til
TASMAN TRADER 1 22,568 950 1990 Mar-12 Dec-10,
$ 9,000 'til
Mar-12
------------ ------- ------ ----- ---------- ------------
Container Carriers
------------ ------- ------ ----- ---------- ------------
TIGER BRIDGE
(EX-CITY OF TC 'til
HAMBURG) Intermediate 30,400 2,228 1990 Jul-09 $ 16,500
------------ ------- ------ ----- ---------- ------------
TC 'til
ARTEMIS Intermediate 29,693 2,098 1987 Dec-08 $ 19,000
------------ ------- ------ ----- ---------- ------------
------------ ------- ------ ----- ---------- ------------
DESPINA P (ex- TC 'til
BEAUTY RIVER) Handysize 33,667 1,932 1990 Oct-07 $ 17,000
------------ ------- ------ ----- ---------- ------------
JONATHAN P (ex- TC 'til
HONOR RIVER) Handysize 33,667 1,932 1990 Oct-07 $ 17,000
------------ ------- ------ ----- ---------- ------------
TC 'til
CLAN GLADIATOR Handysize 30,007 1,742 1992 Apr-08 $ 19,000
------------ ------- ------ ----- ---------- ------------
TC 'til
YM XINGANG I Handysize 23,596 1,599 1993 Jul-09 $ 26,650
------------ ------- ------ ----- ---------- ------------
TC 'til
MANOLIS P Handysize 20,346 1,452 1995 Mar-08 $ 13,450
------------ ------- ------ ----- ---------- ------------
NINOS TC 'til
(ex-YM QINGDAO I) Feeder 18,253 1,169 1990 Apr-08 $ 12,800
------------ ------- ------ ----- ---------- ------------
$12,000 'til
TC 'til Dec-07
KUO HSIUNG Feeder 18,154 1,169 1993 Feb-09 $15,800 'til
Feb-09
------------ ------- ------ ----- ---------- ------------
Total Container
Carriers 9 207,383 15,321
------------ ------- ------ ----- ---------- ------------
Fleet Grand Total 14 472,794 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). The rate mentioned above
corresponds only to the fixed portion of the vessels employment. The
remaining portion earns the market spot rate.
Find Research Guides for:
Find Featured Titles for: News
Most Popular Articles in Business
- Research and Markets : Tesco Plc - SWOT Framework Analysis
- Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors
- eBay made easy: ready to start an eBay business? These 5 simple steps will ...
- Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...
- Wal-Mart's newest distribution center opened last month near the southwest ...
- More »