Euroseas Adds Boxship, Sells Feeder Oldie

Greek shipowner Euroseas has reshuffled its fleet as it took delivery of a 2001-built Post-Panamax vessel and sold a 1998-built feeder.

The company added the 5,600 TEU containership, M/V Akinada Bridge, which it had previously agreed to acquire.

Following the delivery, the South Korea constructed ship will commence a 50-120 day charter at a gross daily rate of USD 11,250 starting from the first week of January.

The sale of this vessel concludes the disposition of the vessels of Euromar LLC, a wholly-owned subsidiary of Euroseas that was previously partially owned by the company.

Furthermore, Euroseas sold one of its oldies, the 2,008 TEU container feeder vessels M/V Aggeliki P, for a gross price of about USD 4.6 million. The ship, which has already been delivered to its new owners, was due for its special survey.

“We are very pleased to complete the present phase of our fleet growth and renewal program which, we believe, has positioned Euroseas to take advantage of the recovering shipping markets,” Aristides Pittas, Chairman and CEO of Euroseas, said.

Maintenance of the present market levels “should return Euroseas to profitability while any strengthening of the charter rates should provide significant upside to our shareholders and, we hope, also reduce the significant discount to net asset value our stock trades at.”

“We continue to pursue accretive growth opportunities and, as we have stated, consider mergers with other fleets either on a combined fleet basis or separately for the drybulk or container vessels of our fleet,” Pittas concluded.

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