Maroussi, Athens, Greece – June 11,2019
Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, today announced that it has closed the previously announced refinancing of two of its vessels with simultaneous interest rate reduction of 0.5% for all other existing loans and the redemption of approximately $11.7 millionof value, or about 59.4%, of its outstanding Series B Preferred Shares with simultaneous reduction of 4% of the dividend ratefor the $8 million value of preferred shares remaining outstanding until January 2021.
The closing of the above transactions reduced Euroseas’ overall leverage of combined debt and preferred equity and reducedits interest and preferred dividend expenses by approximately $1.4 million per year.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to proceed as per our planin closing the refinancing and redemption transactions. We are looking forward to completingthe acquisition and taking delivery of the four feeder containerships we announced last week subject to regulatory approval, including approval from NASDAQ. We are excited to position Euroseas as a significant investment option and a publicly listed consolidation platform of the feeder containership sector.”
About Euroseas Ltd.
2About 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 market.
Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 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.
With the previously announcedacquisitions (which are subject to regulatory approval including approval from NASDAQ) Euroseas has a fleet of 15 vessels, including 14 Feeder containerships and 1 Intermediate Container carrier with cargo capacity of 34,071teu.
Euroseas Ltd. Press Release