Euroseas Ltd. announces two year time charter agreement

Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that a subsidiary of the Company has entered into an approximately two-year time charter agreement for the M/V "Pantelis," a 74,020 dwt, 2000 built Panamax bulk carrier, at a gross daily rate of $17,500. The charter will commence upon completion of its present charter estimated to be completed between December 7, 2009 and March 7, 2010.

Following this charter, approximately 66% of Euroseas total fleet days for the remaining four months of 2009 and approximately 45% in 2010 are secured under period charters or Forward Freight Agreements (FFAs).

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have secured a two year time charter for our m/v "Pantelis" in this challenging environment at levels which are accretive to our EBITDA. We believe that this fixture will provide us with substantial additional secured cash for the next two years, allowing us more flexibility in pursuing further growth opportunities."

(Source: Transport Weekly)