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Thursday, 24 December 09
EUROSEAS LTD. ANNOUNCES TWO-YEAR TIME CHARTER AGREEMENT FOR PANAMAX BULK CARRIER
 Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced yesterday, that a subsidiary of the Company has entered into a two-year period time charter agreement for the M/V "Aristides NP," a 69,268 dwt, 1993 built Panamax bulk carrier, at a gross daily rate of $18,900. The charter will commence between end February 2010 and mid April 2010.
This employment is expected to generate approximately $13.5 million of gross revenues during the period of the charter. Following this charter, approximately 100% of Euroseas dry bulk fleet days for 2010 and 40 % for 2011 are secured under period charters, or already concluded spot charters, Forward Freight Agreements (FFA's) and are otherwise protected from market fluctuations. For the container fleet, the corresponding coverage is 37% for 2010 and 16% for 2011 making the combined total fleet coverage 57% for 2010 and 23% for 2011. These percentages do not include extension options held by charterers.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We continue to take advantage of the strength of the drybulk market and we are pleased to announce that we have chartered M/V 'Aristides NP' at a favorable rate which enables us to enhance the predictability and strength of our revenues and cash flows. We remain focused in our effort to grow the company and create superior returns for our shareholders."
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.
Source: Euroseas Ltd / Hellenic Shipping
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Monday, 28 December 09
INDONESIAN MINER LINKED TO FUGITIVE FINANCIER
The Energy Ministry is unlikely to approve the transfer of ownership of coal miner PT Riau Baraharum on allegations it is indirectly owned by fugiti ...
Monday, 28 December 09
SOMALI PIRATES SAY $4 MILLION RANSOM PAID FOR COAL SHIP
A helicopter dropped a $4 million ransom payment on Sunday on to the deck of a Chinese coal ship hijacked by Somali pirates in mid-October, a pirate ...
Saturday, 26 December 09
COAL INDIA, RIO TINTO MAY HOLD TALKS SOON ON TIE-UP
State owned Coal India Limited (CIL), which is in the race for acquisition of overseas coal properties to plug the demand supply shortfall of the dr ...
Saturday, 26 December 09
COKING COAL PRICES MAY RISE BY 10 - 15% FROM APRIL 2010
The price of coking coal, one of the key raw materials for steel production, is likely to increase by 10-15% in next April, the month in which m ...
Saturday, 26 December 09
COAL INDIA SECURES TWO BLOCKS IN MOZAMBIQUE
It's official now. Mozambique has awarded two coal acreages in its Maotize region with an estimated one billion tonne reserves to Coal India Ltd bu ...
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- Xindia Steels Limited - India
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- London Commodity Brokers - England
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- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
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- Bulk Trading Sa - Switzerland
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- Central Electricity Authority - India
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- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Economic Council, Georgia
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- Tamil Nadu electricity Board
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- Singapore Mercantile Exchange
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
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- PNOC Exploration Corporation - Philippines
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