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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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Saturday, 19 December 09
THE FUTURES FOR 2010 - 2012 FIRMED UP COMPARED TO LAST WEEK AND WAS AT AROUND CAPE US$ 28,000 PER DAY - VISTAAR
COALspot.com (Singapore): The freight market continued to soften this week with major drop in the cape size index by almost 21 pct and Panamax , Sup ...
Friday, 18 December 09
CARGOTEC WINS IBJ'S BEST SHIP LOADING / UNLOADING SYSTEM AWARD WITH SIWERTELL
Cargotec’s Siwertell ship unloader has recently won International Bulk Journal’s best ship loading/unloading system award for 2009; out ...
Friday, 18 December 09
THERMAL COAL PROJECT MOVES AHEAD
A proposal for Australia's largest thermal coal project in Queensland's central west has taken a step forward.
Hancock Prospecting is proposing ...
Friday, 18 December 09
CHURCHILL MINING COMPLETES FEASIBILITY STUDY FOR EAST KUTAI COAL PROJECT
Churchill Mining Plc has announced the completion of the feasibility study for its flagship project, the 75% held East Kutai coal project in Indones ...
Friday, 18 December 09
COKING COAL SHORTAGE IN CHINA TO SPUR DEMAND FIGHT WITH JAPAN
China, the world’s largest steelmaker, faces a shortage of coking coal that may drive imports next year and spur a fight for resources with Ja ...
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- Central Java Power - Indonesia
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- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Merrill Lynch Commodities Europe
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- Mintek Dendrill Indonesia
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- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
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- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
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- Eastern Coal Council - USA
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- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
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- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
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- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
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- Chamber of Mines of South Africa
- Posco Energy - South Korea
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- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- ASAPP Information Group - India
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- Indian Oil Corporation Limited
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- Thiess Contractors Indonesia
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- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
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- Attock Cement Pakistan Limited
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
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- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
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- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
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- ICICI Bank Limited - India
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- Coal and Oil Company - UAE
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- Global Business Power Corporation, Philippines
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- Price Waterhouse Coopers - Russia
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- The University of Queensland
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- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
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- Bhushan Steel Limited - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
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