Euroseas Completes EuroDry Spinoff
Euroseas announced that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands.
Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini
Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000.
Boston Carriers to Buy Nuova Abibes SRL
Boston Carriers announced that in April 24 2018, the company entered into an exclusivity agreement with Nuova. The agreement provides six months for the acquisition of Nuova and all its assets and liabilities including but not limited to the storage facility in Italy as well as all its business, licenses and trademarks. "Our preliminary assessment of Nuova’s property plant and equipment assets only without including any valuation on the business, licenses and trademarks is approximately…
Euroseas Sells its Oldest Bulk Carrier Vessel
Greece-based Euroseas announced the sale of M/V Monica P, a 46,667 dwt vessel, built in 1998, to unaffiliated third party for the gross amount of $6.45 million. The owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes said that the vessel will be delivered to its buyers by June 30 2018. The Company has a fleet of 17 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier, 1 Kamsarmax drybulk carrier, 1 Ultramax drybulk carrier, 10 Feeder containerships and an intermediate containership.
Euroseas Announces Time Charter Contracts
Euroseas Ltd. The new charters will commence on April 9 for the EM Athens and April 7 for the Manolis. Euroseas typically announces charter arrangements of a year or longer duration. Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are very pleased to announce the new charter and the extension of another for one more year for two of our containerships. These charters are roughly 30% higher than what the ships earned prior and is a clear sign that the sector is recovering.
Noble Group deals to sell four ships fall apart
The commodity trader Noble Group says proposed agreements to sell four dry bulk carrier vessels fell through after the buyers failed to get approval from their boards, reports Strait Times. The disposal of the freight vessels for gross proceeds of about USD 95 million had been approved by Noble shareholders at a special general meeting on Jan 25. The crisis-wracked company estimates it would have received about USD 30mln in net proceeds if the vessels had been sold. The proposed disposal of the vessels is a part of the Noble’s debt reduction plans.
Noble Group Sells Four Vessels to Cut Debt
Hong Kong-based struggling commodity trader Noble Group will sell four dry bulk carrier vessels for about $95 million, as it looks to cut debt to keep its business running, reports Reuters. According to company statement, net proceeds from the disposal, following repayment of bank loans associated with the ships and other costs, will amount to about $30 million. Noble said the sale of the vessels was expected to close next year between March 10 and May 31 and would not significantly impact the operations of the freight business.
Euroseas Acquires New Vessels
Euroseas announced that it took delivery of M/V EM Athens, a feeder containership of 2,506 teu built in 2000 that the Company agreed to acquire last month from Euromar, a wholly-owned subsidiary of the Company that previously was partially owned by the Company. M/V EM Athens was acquired along with EM Oinousses, a feeder size containership also of 2,506 teu built in 2000. The Company also announced today that it exercised its option to purchase from Euromar two additional container vessels…
Euroseas Acquires Vessels and Full Ownership of Euromar
Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Athens and EM Oinousses, both feeder size containership vessels of 2,506 teu built in 2000. The Company also announced that it acquired the option to purchase from Euromar two additional container vessels, the M/V EM Corfu, a feeder size containership vessel of 2,556 teu built in 2001, and the M/V Akinada Bridge, a post-panamax size container vessel of 5,600 teu built in 2001 until September 30, 2017.
Euroseas Sells Bulker, Adds Boxship
Euroseas Ltd., Greek owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it took delivery of the M/V RT Dagr, a 1,645 teu feeder containership built in 1998. As previously announced, the vessel was purchased by issuing 900,000 shares of the Company's common stock. The Company also announced that it agreed to sell for scrap the M/V Eleni P, a 72,119 dwt 1997-built drybulk carrier.
Euroseas Acquires Ultramax Newbuilding
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it signed an agreement to acquire from Dayang shipyard, Hull DY160, an Ultramax drybulk carrier, of 63,500 dwt built 2017. The vessel is expected to be delivered to the Company in January 2017 subject to a successful inspection by the Company by December 27, 2016; it will be acquired for approximately 62% of its contracted price in early 2014.
Evergreen Adjusts Following Hanjin Collapse
Responding to the unexpected service disruption caused by CKYHE alliance member Hanjin Shipping, which has entered rehabilitation proceedings, Evergreen Line has added new functions to its online e-commerce system. The service disruption has caused delays to Evergreen Line’s cargoes previously loaded on the Korean carrier’s vessels. Evergreen said its new functions enable customers to update the status of their cargoes and Hanjin’s vessel positions, including information about anchorage at or sailing to a particular port.
Euroseas Signs an Addendum Shipbuilding Contract with YJZ Yard
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, has announced certain developments related to its newbuilding program. The Greek liner has signed an addendum to its shipbuilding contract with YJZ Shipyard for the construction of Kamsarmax vessel Hull Number YZJ 1153 scheduled to be delivered during the first quarter of 2018. According to the addendum, the Company acquired the option until December 31…
Euroseas Faces Headwinds, Reports Loss
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2016. •Total net revenues of $6.5 million. Net loss of $2.8 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $3.3 million or $0.40 loss per share basic and diluted. Adjusted…
Vard Back in the Black
Presenting its financial results for the first quarter ended 31 March 2016 today Vard Holdings Limited announced a net profit of NOK 43 million for the period, as compared to a loss of NOK 226 million a year back. Over the past quarter, VARD had focused on efforts to grow in new markets while streamlining its cost structure, to weather the effects of the ongoing oil and gas down cycle. With its core market for high-specification offshore vessels showing continued signs of weakness…
Wärtsilä Joins LNG-powered Bulker Project
Wärtsilä is to team up with an international group of shipping industry companies and organisations in a project to develop a concept for equipping future dry bulk carrier vessels with LNG propulsion. Project Forward is led by Athens-based Arista Shipping. It began officially in May 2015 with the aim of developing a commercially feasible LNG powered dry bulk carrier design capable of complying with the International Maritime Organization's (IMO) Energy Efficiency Design Index 2025 standards, as well as with all relevant emission reduction regulations.
Euroseas Gets Newbuild Bulker
Euroseas Ltd, a Greece-based shipping company, took delivery of its newbuilding Kamsarmax dry bulk carrier Xenia and entered into a two-year time charter for its container carrier Evridiki G. The M/V Xenia was delivered from the China-based Jiangsu Yangzijiang Shipbuilding Co. on February 26. Xenia is an “eco” design Kamsarmax fuel efficient bulker with a carrying capacity of 82,000 dwt. Xenia is an "eco" design Kamsarmax fuel efficient drybulk carrier with a carrying capacity of 82,000 dwt.
Mangalore Port to Roll out LNG Terminal, Ro-Ro Service
India's New Mangalore Port Trust (NMPT) Chairman P.C. Parida said the port is confident of completing work on the proposed Liquified Natural Gas (LNG) terminal which shall be operational in 2017. NMPT is the first Indian port to start the Ro-Ro service from Mangaluru to Hazira port, he said. According to Parida, the LNG terminal will help provide clean fuel at cost-effective rates to citizens. Parida said the fire-fighting facilities at the port are being upgraded to handle VLGC (very large gas carrier) vessels. This shall be operational by September.
Algoma Signs JV with Nova Marine for Global Cement Carrier Fleet
Canada-based Algoma Central Corporation has signed a joint venture (JV) agreement with Nova Marine Holding of Luxembourg to establish a fleet of cement carriers to supply infrastructure projects across the globe. Algoma will own 50% of the joint venture, which is to be named NovaAlgoma Cement Carriers or NACC. "We are very excited about the opportunity this investment with Nova presents," said Ken Soerensen , President and CEO of Algoma. The demand for modern efficient cement carriers continues to increase globally.
Port of Oakland Adds 400 Dockworkers
The first of 400 new dockworkers arrive this week to meet the Port of Oakland’s need for more labor, the port announced today, noting that additional hires will be phased into the workforce through September to handle a buildup of ships and cargo. The port said its aim in brining in the new workers is to accelerate cargo operations and clear out a backlog of vessels anchored in San Francisco Bay. “We’re not operating with the speed and efficiency our customers deserve right now,” said Maritime Director John Driscoll.
Euroseas Report Loss in 4Q, FY 2014
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2014. Total net revenues of $11.5 million. Net loss of $7.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $7.3 million or $0.13 loss per share basic and diluted.
Euroseas Reports Results FY & Q4 2014
Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2014. •Total net revenues of $11.5 million. Net loss of $7.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $7.3 million or $0.13 loss per share basic and diluted.
Euroseas Receives Non-Compliance Notice
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 it received notice from the Nasdaq Stock Market LLC ("Nasdaq") dated December 30, 2014 indicating that the Company is no longer in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5450(a)(1) because the closing bid price of the Company's common stock over a period of 30 consecutive business days was less than $1.00 per share.
Regulatory Profile: William P. Doyle, Commissioner of the Federal Maritime Commission
If the Federal Maritime Commission remains somewhat of an enigma to domestic maritime stakeholders, perhaps that’s because its scope of oversight reaches many sectors of maritime business; some more obscure than others. In February, we caught up with FMC commissioner William P. Doyle, who provided the perfect primer on this important agency. What does it take to become a Federal Maritime Commissioner? Doyle was sworn in on January 10, 2013 as Commissioner of the Federal Maritime Commission.
MOL Pays $1.275 Million Penalty
The Federal Maritime Commission announced a compromise agreement reached with Mitsui O.S.K. Lines Ltd. (MOL) and its corporate affiliate, Nissan Motor Car Carrier Co. (NMCC). Mitsui O.S.K. Lines Ltd., is a vessel-operating common carrier based in Japan. As a separate line of commerce, MOL and NMCC operate pure car carriers (PCCs) and roll on/roll off (RO/RO) vessels in U.S. inbound and outbound trades. Under the agreement, MOL agreed to pay $1,275,000 in penalties. The compromise agreement resolved allegations that MOL and NMCC violated section 10(a) of the Shipping Act, 46 U.S.C.
New Dry Bulk Shipowning Firm Raises Funds
Nautical Bulk Holdings Limited, a newly formed Bermuda-based dry bulk shipping company, has raised in excess of $100 million of equity capital to fund the construction of eight ultramax, eco-friendly vessels under construction by Jiangsu Hantong Ship Heavy Industry, a leading Chinese shipyard. WL Ross & Co. / Fearnley Advisors AS, Solus Alternative Asset Management LP and the CONTI Group are providing the equity capital to launch the company. Nautical has entered into shipbuilding contracts for the construction of eight 64…