-- Net loss of $3.0 million or $0.10 loss per share basic and diluted on
total net revenues of $13.8 million. Excluding the effect of
unrealized gain and realized losses on derivatives, unrealized loss on
trading securities and amortization of the fair value of charters
acquired, the earnings for the period would have been $0.4 million, or
$0.01 per share.
-- Adjusted EBITDA was $5.0 million. Please refer to a subsequent section
of the Press Release for a reconciliation of adjusted EBITDA to net
loss.
-- An average of 15 vessels were owned and operated during the first
quarter of 2010 earning an average time charter equivalent rate of
$12,404 per day.
-- Declared a quarterly dividend of $0.05 per share for the first quarter
of 2010 payable on June 18, 2010 to shareholders of record on June 11,
2010. This is the nineteenth consecutive quarterly dividend declared.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We concluded the
first quarter of 2010 completing a joint venture with two private equity
firms to jointly pursue investment opportunities in shipping. This
relationship will complement our efforts and ability to identify and
execute accretive transactions.
"We expect to face a volatile market environment over the next one to two
years especially in the drybulk market where a persistently high orderbook
(even after adjusting for cancellations and slippage) is put against strong
trade growth mainly coming from China and other market factors influencing
demand like port congestion and longer hauls the latter also due to piracy
concerns. We had covered 100% of our drybulk fleet for 2010 (either via
time charter contracts or Freight Forward Agreement ("FFA") contracts) and
recently increased our drybulk fleet coverage to 60% for 2011 and to about
23% for 2012.
"On the containership market, we have seen signs of the market bottoming
out based on the increase of rates for larger vessels and the reduction of
the laid-up fleet. The size classes we operate have benefited less from
rate increases and our containerships continue to face significant
challenges in securing profitable employment contracts; however, we believe
that our ships will soon benefit from the improving market environment and
we consider it probable to re-activate our two vessels currently laid-up
before the end of the year.
"Our Board maintained our quarterly dividend at $0.05 per share which
represents a yield of about 5.4% on the basis of our stock price on May 7,
2010."
Tasos Aslidis, Chief Financial Officer of Euroseas commented: "The results
of the first quarter of 2010 reflect the lower level of the charter markets
and the lower number of vessels we operated. On an operating basis, we
recorded a profitable quarter despite the still challenging market
environment for our containerships. However, our results were negatively
influenced by losses on interest rate and FFA derivative contracts.
"Specifically, the derivative contracts we entered in 2008 and 2009 to
partly hedge our exposure to the charter and interest rate markets have
contributed negatively to our results for the quarter. The change of the
value of our derivative contracts (both realized and unrealized) amounted
to a loss of $3.9 million or $0.13 per share. Without the effect of the
change in value of our derivatives contracts, unrealized losses from
trading securities and the amortization of the fair value of the below
market charters acquired we would have recorded earnings of $0.01 per
share.
"Total daily vessel operating expenses, including management fees and
general and administration expenses, during the first quarter of 2010
reflect a decrease of about 12.2% on a per vessel per day basis compared to
the first quarter of 2009. This reduction partly reflects that two of our
vessels were laid-up during the first quarter of 2010 versus one during the
first quarter of 2009 and, thus, incurred significantly lower daily costs
but mainly reflects our continuous effort to control our costs while
ensuring safe and efficient operations. We believe that we continue to
maintain one of the lowest operating cost structures amongst the public
shipping companies which, we believe, is one of our competitive advantages.
"As of March 31, 2010, our outstanding debt is about $68.3 million versus
restricted and unrestricted cash of about $49 million (not including cash
held as margin as a result of marking-to-market our FFA contracts). We
were in compliance with all our loan covenants."
First Quarter 2010 Results:
For the first quarter of 2010, the Company reported total net revenues of
$13.8 million representing a 9.9% decrease over total net revenues of $15.3
million during the first quarter of 2009. The Company reported losses for
the period of $3.0 million as compared to net income of $3.9 million for
the first quarter of 2009. The results for the first quarter of 2010
include a $0.7 million unrealized gain on derivatives and trading
securities as compared to $1.7 million unrealized gain on derivatives and
trading securities for the same period of 2009; and, a $4.7 million
realized loss on derivatives versus a $0.2 million realized gain in the
same period of 2009. Depreciation expenses for the first quarter of 2010
were $4.4 million compared to $4.5 million during the same period of 2009.
On average, 15 vessels were owned and operated during the first quarter of
2010 earning an average time charter equivalent rate of $12,404 per day
compared to 15.7 vessels in the same period of 2009 earning on average
$12,684 per day.
Adjusted EBITDA for the first quarter of 2010 was $5.0 million, a 17.2%
decrease from $6.0 million achieved during the first quarter of 2009.
Please see below for Adjusted EBITDA reconciliation to net loss and cash
flow provided by operating activities.
Basic and diluted losses per share for the first quarter of 2010 was $0.10,
calculated on 30,849,711 weighted average number of shares outstanding
compared to basic and diluted earnings per share of $0.13 for the first
quarter of 2009, calculated on 30,575,611 and 30,602,510 weighted average
number of shares outstanding, respectively.
Excluding the effect on the earnings for the quarter of the unrealized gain
and realized losses on derivatives, unrealized loss on trading securities
and amortization of the fair value of time charter contracts acquired, the
earnings per share for the quarter ended March 31, 2010 would have been
$0.01 per share basic and diluted, compared to the earnings, for the
quarter ended March 31, 2009 of $0.06 per share basic and diluted. Usually,
security analysts do not include the above items in their published
estimates of earnings per share.
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
Year TCE
Name Type Dwt TEU Built Employment Rate ($/day)
-------- ----------- -------- ----- ------ ------------- -------------
Drybulk
Vessels
-------- ----------- -------- ----- ------ ------------- -------------
PANTELIS Panamax 74,020 2000 TC 'til Feb-12 $ 17,500
----------- -------- ----- ------ ------------- -------------
ELENI P Panamax 72,119 1997 TC 'til May-10 $ 15,350
Then from $ 23,500
Aug/Sep-10 'til
Aug/Sep-12
----------- -------- ----- ------ ------------- -------------
IRINI (*) Panamax 69,734 1988 Baumarine Pool
----------- -------- ----- ------ ------------- -------------
ARISTIDES
N.P. Panamax 69,268 1993 TC 'til Mar-12 $ 18,900
----------- -------- ----- ------ ------------- -------------
MONICA P Bulkhandling
(**) Handymax 46,667 1998 Pool
----------- -------- ----- ------ ------------- -------------
Total
Drybulk
Vessels 5 331,808
----------- -------- ----- ------ ------------- -------------
Multipurpose Dry Cargo
Vessels
----------- ----------- -------- ----- ------ ------------- -------------
TASMAN 1 22,568 950 1990 TC 'til Mar-12 $ 9,500 'til
TRADER Dec-10,
$ 9,000 'til
Mar-12
----------- -------- ----- ------ ------------- -------------
Container Carriers
----------- ----------- -------- ----- ------ ------------- -------------
MAERSK Intermediate 34,677 2,556 2001 TC 'til Aug-11 $16,800 'til
NOUMEA (3 annual Aug-11
options 'til $18,735 'til
Aug-14) Aug-12
$19,240 'til
Aug-13
$19,750 'til
Aug-14
----------- -------- ----- ------ ------------- -------------
TIGER Intermediate 31,627 2,228 1990 TC 'til Jun-10 $ 4,000
BRIDGE (option 'til $ 4,000
Mar-11)
(option 'til $ 7,500
Mar-12)
----------- -------- ----- ------ ------------- -------------
DESPINA P Handy size 33,667 1,932 1990 Laid-up
----------- -------- ----- ------ ------------- -------------
JONATHAN P
(ex-OEL
INTEGRITY) Handy size 33,667 1,932 1990 Laid-up
----------- -------- ----- ------ ------------- -------------
CAPTAIN
COSTAS
(ex-OEL
TRANSWORLD) Handy size 30,007 1,742 1992 TC 'til Jun-10 $ 4,250
----------- -------- ----- ------ ------------- -------------
YM PORT
KELANG
(ex-MASTRO
NICOS, TC 'til Nov-10
ex-YM (option 'til $ 3,750
XINGANG I) Handy size 23,596 1,599 1993 Nov-11) $ 5,900
----------- -------- ----- ------ ------------- -------------
MANOLIS P Handy size 20,346 1,452 1995 TC 'til Oct-10 $ 4,000
(option til CONTEX(***)
Oct-11) less 10%
----------- -------- ----- ------ ------------- -------------
NINOS
(ex-YM
QINGDAO I) Feeder 18,253 1,169 1990 TC 'til Jun-10 $ 4,200
----------- -------- ----- ------ ------------- -------------
Monthly TC
options 'til $3,850 'til
Dec-10 (option Dec-10
'til Jun-11) $5,300 'til
KUO HSIUNG Feeder 18,154 1,169 1993 Jun-11
----------- -------- ----- ------ ------------- -------------
Total
Container
Carriers 9 243,994 15,779
----------- -------- ----- ------ ------------- -------------
Fleet Grand
Total 15 598,370 167,29
----------- -------- ----- ------ ------------- -------------
Note: TC denotes time charter. All dates listed are the earliest redelivery
dates under each TC. All extension option are at the option of the
charterers.
(*) "Irini" is employed in the Baumarine spot pool that is managed by
Klaveness, a major global charterer in the drybulk market.
(**) "Monica P" is employed in the Bulkhandling spot pool that is also
managed by Klaveness.
(***) CONTEX is a charter market index for 1700 teu containership vessels
Summary Fleet Data:
3 months, 3 months,
ended ended
March 31, March 31,
2009 2010
------------ ------------
FLEET DATA
Average number of vessels (1) 15.70 15.00
Calendar days for fleet (2) 1413.0 1350.0
Scheduled off-hire days incl. laid-up (3) 106.0 209.7
Available days for fleet (4) = (2) - (3) 1307.0 1,140.3
Commercial off-hire days (5) 84.2 0.00
Operational off-hire days (6) 13.1 1.3
Voyage days for fleet (7) = (4) - (5) - (6) 1209.7 1,139.0
Fleet utilization (8) = (7) / (4) 92.6% 99.9%
Fleet utilization, commercial (9) = ((4) - (5))
/ (4) 93.6% 100.0%
Fleet utilization, operational (10) = ((4) -
(6)) / (4) 98.9% 99.9%
AVERAGE DAILY RESULTS
Time charter equivalent rate (11) 12,684 12,404
Vessel operating expenses excl. drydocking
expenses (12) 5,259 4,472
General and administrative expenses (13) 773 824
Total vessel operating expenses excl. dd
expenses (14) 6,032 5,296
Drydocking expenses (15) 0 729
------------ ------------
(1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of
calendar days each vessel was a part of our fleet during the period divided
by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a
period during which each vessel in our fleet was in our possession
including off-hire days associated with major repairs, drydockings or
special or intermediate surveys or days of vessels in lay-up. Calendar days
are an indicator of the size of our fleet over a period and affect both the
amount of revenues and the amount of expenses that we record during that
period.
(3) The scheduled off-hire days including vessels laid-up are days
associated with scheduled repairs, drydockings or special or intermediate
surveys or days of vessels in lay-up. The shipping industry uses available
days to measure the number of days in a period during which vessels were
available to generate revenues.
(4) Available days. We define available days as the total number of days in
a period during which each vessel in our fleet was in our possession net of
scheduled off-hire days including days of vessels laid-up.
(5) Commercial off-hire days. We define commercial off-hire days as days
waiting to find employment.
(6) Operational off-hire days. We define operational off-hire days as days
associated with unscheduled repairs or other off-hire time related to the
operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a
period during which each vessel in our fleet was in our possession net of
commercial and operational off-hire days. The shipping industry uses voyage
days to measure the number of days in a period during which vessels
actually generate revenues.
(8) Fleet utilization. We calculate fleet utilization by dividing the
number of our voyage days during a period by the number of our available
days during that period. The shipping industry uses fleet utilization to
measure a company's efficiency in finding suitable employment for its
vessels and minimizing the amount of days that its vessels are off-hire for
reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet
utilization by dividing our available days net of commercial off-hire days
during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet
utilization by dividing our available net of operational off-hire days
during a period by our available days during that period.
(11) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing revenue generated from voyage charters net of voyage expenses by
voyage days for the relevant time period. Voyage expenses primarily consist
of port, canal and fuel costs that are unique to a particular voyage, which
would otherwise be paid by the charterer under a time charter contract. TCE
is a standard shipping industry performance measure used primarily to
compare period-to-period changes in a shipping company's performance
despite changes in the mix of charter types (i.e., spot voyage charters,
time charters and bareboat charters) under which the vessels may be
employed between the periods.
(12) Daily vessel operating expenses, which include crew costs, provisions,
deck and engine stores, lubricating oil, insurance, maintenance and repairs
and management fees are calculated by dividing vessel operating expenses by
fleet calendar days for the relevant time period. Drydocking expenses are
reported separately.
(13) Daily general and administrative expense is calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total
expenses associated with operating our vessels excluding drydocking
expenses. TVOE is the sum of vessel operating expenses and general and
administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet
calendar days for the relevant time period.
(15) Drydocking expenses, which include expenses during drydockings that
would been capitalized and amortized under the deferral method divided by
the fleet calendar days for the relevant period. Drydocking expenses could
vary substantially from period to period depending on how many vessels
underwent drydocking during the period.
Conference Call and Webcast:
Tomorrow, Friday, May 14, 2010 at 8:30 a.m. EDT, the company's management
will host a conference call to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329
(from the UK) or +44 (0)1452 542 301 (international standard dial in).
Please quote "Euroseas."
A replay of the conference call will be available until May 21, 2010. The
United States replay number is 1(866) 247-4222; from the UK 0(800)
953-1533; the standard international replay number is (+44) (0) 1452 550
000 and the access code required for the replay is: 6973591#.
Audio webcast - Slides Presentation:
There will be a live and then archived audio webcast of the conference
call, via the internet through the Euroseas website (www.euroseas.gr).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast. A slide
presentation on the First Quarter 2010 results in PDF format will also be
available 30 minutes prior to the conference call and webcast accessible on
the company's website (www.euroseas.gr) on the webcast page. Participants
to the webcast can download the PDF presentation.
Euroseas Ltd.
Consolidated Condensed Statements of Operations
(All amounts expressed in U.S. Dollars except number of shares)
Three Months Three Months
Ended Ended
March 31, March 31,
2009 2010
------------ ------------
(unaudited) (unaudited)
Revenues
Voyage revenue 15,921,044 14,281,182
Commissions (611,878) (486,457)
Net revenues 15,309,166 13,794,725
Operating expenses
Voyage expenses 577,341 152,758
Vessel operating expenses 6,247,999 4,865,329
Drydocking expenses - 984,043
Amortization and depreciation 4,501,150 4,392,046
Management fees 1,182,756 1,172,248
Other general and administrative expenses 1,092,133 1,112,866
Charter termination fees (103,577) -
Total operating expenses 13,497,802 12,679,290
Operating income 1,811,364 1,115,435
Other income/(expenses)
Interest and finance cost (323,724) (362,545)
Change in fair value of derivatives 2,063,884 (3,936,542)
Unrealized (loss) on trading securities (104,575) (26,610)
Foreign exchange gain 29,593 10,784
Interest income 468,730 207,824
Dividend income - -
Other income/(expenses), net 2,133,908 (4,107,089)
------------ ------------
Net income / (loss) 3,945,272 (2,991,654)
------------ ------------
Earnings / (loss) per share, basic 0.13 (0.10)
Weighted average number of shares, basic 30,575,611 30,849,711
------------ ------------
Earnings / (loss) per share, diluted 0.13 (0.10)
------------ ------------
Weighted average number of shares, diluted 30,602,510 30,849,711
------------ ------------
Euroseas Ltd.
Consolidated Condensed Balance Sheets
(All amounts expressed in U.S. Dollars - except number of shares)
December 31, March 31,
2009 2010
------------ ------------
(unaudited) (unaudited)
ASSETS
Current Assets:
Cash and cash equivalents 40,984,549 39,267,838
Trade accounts receivable 1,650,713 2,428,566
Other receivables, net 239,656 277,725
Inventories 1,869,238 1,688,345
Restricted cash 1,191,230 801,332
Other deposits 12,376,119 10,470,179
Trading securities 436,598 409,988
Prepaid expenses 185,137 390,198
Total current assets 58,933,240 55,734,171
Fixed assets:
Vessels, net 257,270,824 252,878,778
Long-term assets:
Restricted cash 6,500,000 6,500,000
Deferred charges, net 327,694 302,107
Derivatives 386,536 67,154
Total long-term assets 264,485,054 259,748,039
------------ ------------
Total assets 323,418,294 315,482,210
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Long term debt, current portion 14,030,000 13,260,000
Trade accounts payable 1,843,182 3,243,224
Accrued expenses 1,060,326 1,699,575
Accrued dividends 46,750 58,500
Deferred revenue 1,247,782 1,603,647
Derivatives 10,799,132 9,573,070
Due to related company 1,416,380 261,972
Total current liabilities 30,443,552 29,699,988
Long-term liabilities:
Long term debt, net of current portion 57,485,000 55,005,000
Derivatives 611,852 796,049
Fair value of below market time charter
acquired 3,424,627 2,898,023
Total long-term liabilities 61,521,479 58,699,072
Total liabilities 91,965,031 88,399,060
Shareholders' equity:
Common stock (par value $0.03,
100,000,000 shares authorized,
30,849,711 issued and outstanding) 925,492 925,492
Preferred shares (par value $0.01,
20,000,000 shares authorized, no shares
issued and outstanding)
Additional paid-in capital 235,588,391 235,763,507
Accumulated deficit (5,060,620) (9,605,849)
Total shareholders' equity 231,453,263 227,083,150
------------ ------------
Total liabilities and shareholders' equity 323,418,294 315,482,210
------------ ------------
Euroseas Ltd.
Consolidated Condensed Statements of Cash Flows
(All amounts expressed in U.S. Dollars)
Three Months Three Months
Ended Ended
March 31, March 31,
2009 2010
------------ ------------
(unaudited) (unaudited)
------------ ------------
Cash flows from operating activities:
Net income / (loss) 3,945,272 (2,991,654)
Adjustments to reconcile net income / (loss) to
net cash provided by operating activities:
Depreciation of vessels 4,501,150 4,392,046
Amortization of deferred charges 22,056 25,587
Amortization of fair value of time charters (237,866) (526,604)
Share-based compensation 269,076 175,117
Unrealized (gain)on derivatives (1,849,543) (722,483)
Unrealized loss on trading securities 104,575 26,610
Changes in operating assets and liabilities (322,355) 2,351,049
------------ ------------
Net cash provided by operating activities 6,432,365 2,729,668
------------ ------------
Cash flows from investing activities:
Purchase of vessels including improvements (34,667,188) -
Change in restricted cash 985,617 389,898
Proceeds from sale of vessels 5,980,487 -
------------ ------------
Net cash (used in) / provided by investing
activities (27,701,084) 389,898
------------ ------------
Cash flows from financing activities:
Dividends paid (3,057,561) (1,541,826)
Loan arrangements fees paid (60,000) -
Offering expenses paid - (44,451)
Proceeds from long-term debt 10,000,000 -
Repayment of long-term debts (3,200,000) (3,250,000)
------------ ------------
Net cash provided by (used in) financing
activities 3,682,439 (4,836,277)
------------ ------------
Net (decrease) in cash and cash equivalents (17,586,280) (1,716,711)
Cash and cash equivalents at beginning of
period 73,851,191 40,984,549
------------ ------------
Cash and cash equivalents at end of period 56,264,911 39,267,838
------------ ------------
Euroseas Ltd.
Reconciliation of Adjusted EBITDA to
Net Income / (loss) and Cash Flow Provided By Operating Activities
(All amounts expressed in U.S. Dollars)
Three Months Three Months
Ended Ended
March 31, March 31,
2009 2010
------------ ------------
Net income / (loss) 3,945,272 (2,991,654)
------------ ------------
Interest and finance costs, net (incl.
interest income) (145,006) 154,721
------------ ------------
Depreciation and amortization 4,501,150 4,392,046
------------ ------------
Unrealized & realized (gain) / loss on
derivatives (2,063,884) 3,936,542
------------ ------------
Amortization of deferred revenue from below
market time charter acquired (975,639) (526,604)
------------ ------------
Amortization of deferred revenue from above
market time charter acquired 737,773 -
------------ ------------
Adjusted EBITDA 5,999,666 4,965,051
============ ============
Three Months Three Months
Ended Ended
March 31, March 31,
2009 2010
------------ ------------
Net cash flow provided by operating activities 6,432,365 2,729,668
------------ ------------
Changes in operating assets / liabilities 322,355 (2,351,049)
------------ ------------
(Gain) / loss on derivatives (realized) (214,340) 4,659,025
------------ ------------
Loss on trading securities, net (104,575) (26,610)
------------ ------------
Share-based compensation (269,076) (175,117)
------------ ------------
Interest, net (167,063) 129,134
------------ ------------
Adjusted EBITDA 5,999,666 4,965,051
============ ============
EBITDA Reconciliation:
Euroseas Ltd. considers Adjusted EBITDA to represent net earnings / loss
before interest, income taxes, depreciation, amortization, gain / loss on
derivatives and amortization of deferred revenue from above or below market
time charters acquired. Adjusted EBITDA does not represent and should not
be considered as an alternative to net income / loss or cash flow from
operations, as determined by United States generally accepted accounting
principles, or U.S. GAAP, and our calculation of Adjusted EBITDA may not be
comparable to that reported by other companies. Adjusted EBITDA is included
herein because it is a basis upon which we assess our financial performance
and liquidity position and because we believe that it presents useful
information to investors regarding a company's ability to service and/or
incur indebtedness. The Company's definition of Adjusted EBITDA may not be
the same as that used by other companies in the shipping or other
industries.
Euroseas Ltd.
Reconciliation of Net Income Excluding the Effect from Gain/Loss on
derivatives, Unrealized Loss on trading securities and Amortization of the
Fair Value of Charters Acquired to Net Income / (Loss)
(All amounts expressed in U.S. Dollars except number of shares)
Three Months Three Months
Ended Ended
March 31, March 31,
2009 2010
------------ ------------
Net income / (loss) 3,945,272 (2,991,654)
------------ ------------
Unrealized gain on derivatives (1,849,544) (722,483)
------------ ------------
Unrealized loss on trading securities 104,575 26,610
------------ ------------
Realized (gain) / loss on derivatives (214,340) 4,659,025
------------ ------------
Amortization of deferred revenue of below
market time charter acquired (975,639) (526,604)
------------ ------------
Amortization of deferred revenue of above
market time charter acquired 737,773 -
------------ ------------
Net Income excluding gain/loss on
derivatives, unrealized loss on trading
securities and amortization of the fair value
of charters acquired 1,748,097 444,894
------------ ------------
Net Income per share excluding gain/loss on
derivatives, unrealized loss on trading
securities and amortization of the fair value
of charters acquired, basic & diluted 0.06 0.01
------------ ------------
Weighted average number of shares, basic / 30,575,611 / 30,849,711 /
diluted 30,602,510 30,849,711
============ ============
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 Select Market under
the ticker ESEA.
Euroseas operates in the dry cargo, drybulk and container shipping markets.
Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000
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.
The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers
and 1 Handymax drybulk carrier, 2 Intermediate containership, 5 Handysize
containerships, 2 Feeder containerships and a multipurpose dry cargo
vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808
dwt, its 9 containerships have a cargo capacity of 15,779 teu and its
multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
Forward Looking Statement
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth strategy and measures to implement such strategy;
including our expected joint venture and vessel acquisitions and time
charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and
similar expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that
such expectations will prove to have been correct. These statements involve
known and unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of the Company. Actual
results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to changes in the demand for
drybulk vessels and containerships, competitive factors in the market in
which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
Visit our website www.euroseas.gr
Contact Information: Company Contact Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr Investor Relations / Financial Media Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com