Maroussi, Athens, Greece – June 28, 2018
Euroseas Ltd. (NASDAQ: ESEA) (the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today the delivery of M/V Monica P, a 46,667 dwt drybulk vessel, built in 1998, to its buyer, an unaffiliated third party.
The gross proceeds of this sale were $6.45 million. The vessel was held for sale as of March 31, 2018.
Following the sale of M/V Monica P, the Euroseas fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 teu making the Company the sole US-listed feeder container ship company.
Furthermore, the Company announced today that, based on recent filings made with the Securities and Exchange Commission, Friends Investments Inc (“FIC”), a major shareholder of the Company, has purchased 275,309 common shares of the Company in the open market for a total of 4,033,004 common shares, or approximately 35.8% of the Company’s outstanding common shares.
Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are pleased to announce the delivery of our last drybulk vessel to its buyers. This sale marks the completion of the separation of our containership and drybulk fleets following the spin-off of our other six drybulk vessels in a separate US-listed public company, EuroDry Ltd, on May 30, 2018. We can now pursue growing Euroseas as a pure container company focused on feeder containerships, a sector with very strong fundamentals as the orderbook to fleet ratio is near the lowest levels of the last 20 years and demand growth prospects appear strong.
At present market levels, Euroseas’ fleet is expected to generate significant cash flow after debt service which should increase the Company’s options. We remain focused on shareholder value and are committed to improving the valuation of the Company which still trades at a significant discount to its net asset value.”
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 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas typically employs its vessels on period charters. The Company has a fleet of 11 vessels in the water, ten Feeder containerships and one Intermediate containership with a total cargo capacity of 25,483 teu.
Euroseas Ltd. Press Release