Euroseas Ltd. announces delivery of its 17th vessel

Euroseas Ltd., owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced  that it has taken delivery of the M/V Four Coal to be renamed M/V Pantelis, a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan. As previously disclosed, the vessel was acquired for approximately $27.5 million and comes with a time charter back to the seller until December 2009 at a gross daily rate of $25,200 per day. The vessel will be partly financed with a bank loan of approximately $13 million.

After the acquisition of M/V Pantelis, approximately 70% of Euroseas� total fleet days remaining in 2009 and approximately 40% in 2010 are fixed under time charters, FFA contracts, spot charters, or otherwise protected from market fluctuations.

(Source: Transport Weekly)