Euroseas announces acquisition of a vessel and the sale of one of its vessels for scrap
Euroseas Ltd., an owner and operator of drybulk carriers and containerships and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that it sold for scrap one of the oldest container vessels in its fleet, the M/V Anking, a 950 teu multipurpose vessel built in 1990 for approximately $3.7 million. The vessel will be delivered to her new owners by the end of June 2013, said in the company's press release.
Furthermore, Euroseas announced that it, signed a memorandum of agreement to purchase the M/V Wehr Flottbek, a geared containership of 22,301 dwt and 1,738 teu built in 1999 for approximately $5.9 million. The vessel, to be renamed "Joanna", is expected to be delivered to the Euroseas by the end of June 2013.
Aristides Pittas, Chairman and CEO of Euroseas commented: "With containership prices having again dropped near their all-time low levels, we believe, it is an opportunity to renew our fleet at minimal capital cost. In that respect, we have sold for scrap our vessel M/V Anking, a 1990 built multipurpose vessel, and invested the proceeds along with an incremental investment of less than $2.5 million in a vessel which is 9 years younger, almost twice as large and more flexible commercially."
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. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 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 its multipurpose vessel and addition of a handy size containership, the Company will have a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handy size containerships and 2 Feeder containerships. Euroseas 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 10 containerships have a cargo capacity of 17,593 teu.
