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Euroseas Ltd. Announces Signing Memorandum of Agreement to Purchase a Container Ship |
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News archive -
Maritime
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Wednesday, 09 June 2010 10:11 |
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Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today, that it signed a memorandum of agreement to purchase the M/V Oder Trader, an intermediate containership of 30,360 dwt and 2008 twenty foot equivalent units (teu) built in 1998 in Poland, for approximately $15.85 million. The vessel is expected to be delivered to the Company`s fleet around the middle of June 2010. The vessel will be renamed Angeliki P upon its delivery.
Furthermore, the Company announced that M/V "Ninos" a 1,169 teu 1990 built feeder container ship, has entered in a time charter agreement for minimum nine to maximum eleven months at a gross daily rate of $6,800 representing a $2,600 per day increase over the daily rate of its current charter. The charter will commence between the 10th and 20th of July 2010.
Following this acquisition and the fixture of the M/V Ninos, 70% of Euroseas total containership fleet days in 2010 and about 33% for 2011, are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are delighted to announce the acquisition of M/V Oder Trader, a 2008 teu geared 12-year old containership, as part of our fleet renewal and expansion program. This vessel replaces the 11 year older m/v Artemis that was sold during the previous quarter. Recent developments indicate that containerized trade growth is approaching pre-crisis levels and market charter rates have started increasing. In fact, rates on bigger vessels are well above their lows. In view of these trends and of the fact that historical price levels for a vessel like M/V Oder Trader are significantly higher, we believe that this investment will provide superior returns to our shareholders."
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