Euroseas Ltd. Announces One Year Time Charter Agreements for Two of its Container Ships

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jan 2008

Euroseas Ltd., an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that subsidiaries of the Company have entered into one year time charterer extensions for two of its containership vessels, the M/V "Ninos" and the M/V "Despina P". The M/V "Ninos," a 1,169 teu, 1990 built feeder container ship, has extended its time charter for an additional one-year at a gross daily rate of $13,175, $375 per day higher than the present charter rate. The charter extension will commence on April 29, 2008. The M/V "Despina P" a 1,932 teu 1990 built handysize container ship, has entered in a time charter for one year at a gross daily rate of $15,250 representing a $500 per increase over the daily rate of its current short term charter. The charter will commence on February 19th 2008. Following these charters, approximately 60% of Euroseas total fleet days in 2008 are fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations. Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to announce that we have secured two of our containerships on profitable time charters which is in line with our strategy of seeking a steady revenue stream while further enhancing shareholder returns. Our outlook on the container sector remains positive for the long term as we expect the current stability in charter rates to remain intact."