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Monday, October 14, 2019

Euroseas News

File Image / Credit: Port of Portland, UK

U.S.-Listed Shippers Buoyed by Globus Maritime's Earnings

Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years. GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels.

Euroseas Sells Bulk Carrier

Euroseas Ltd. (NASDAQ: ESEA) delivered M/V Monica P, a 46,667 dwt drybulk vessel, built in 1998, to its buyer, an unaffiliated third party.  The gross proceeds of this sale were $6.45m. The vessel was held for sale as of March 31, 2018.Following the sale of M/V Monica P, the Euroseas fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 teu making the company the sole US-listed feeder containership company

Photo: EuroDry Ltd

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.

Photo: Euroseas Ltd.

Euroseas Spins Off Its Drybulk Fleet

Greece-based owner of containerships and bulk carriers Euroseas has spun off its drybulk fleet into a separate company. The Company announced that it filed a registration statement on Form F-1 with the Securities and Exchange Commission to spin-off the Company's drybulk fleet into a separate company, EuroDry Ltd., which has applied for listing on the NASDAQ Capital Market. "We believe that separate drybulk and containership investment options will give our shareholders the flexibility to adjust their holdings, if they so wish, between the two sectors,: he added.

Image courtesy of Euroseas

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.

Image courtesy of Euroseas

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.

Photo: Euroseas Ltd

Euroseas Takes Delivery of Container Vessel

Greek shipping firm Euroseas Ltd took delivery of M/V Akinada Bridge, a 5,600 teu post-panamax size container vessel built in 2001 in South Korea, which the Company had previously agreed to acquire. Following its delivery, the vessel will commence during the first week of January, a 50-120 day charter at a gross daily rate of $11,250. The sale of this vessel concludes the disposition of the vessels of Euromar LLC, a wholly-owned subsidiary of the Company that previously was partially owned by the Company.

File Pic: Euroseas Ltd

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…

File Photo: Euroseas Ltd

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.

Pic: Euroseas Ltd

Euroseas Sees Improvement in Cargo Shipping

The beginning of 2017 found both the drybulk and containership markets recovering from the historical low levels observed during 2016, says Euroseas Chairman. Aristides Pittas, Chairman and CEO of Euroseas said that the drybulk market improved rapidly during the last two months of 2016 and throughout the first quarter, although it has recently lost some of the gains achieved. The containership market improved more gradually starting in February 2017, and has maintained its level, still low compared to historical standards, despite a slowdown in chartering activity lately.

Photo: Euroseas Ltd

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.

Photo: Euroseas Ltd

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.

Photo: Euroseas Ltd

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…

Image courtesy of Euroseas

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…

Kamsarmax Drybulk Vessels. Image by Paragon Shipping

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.

Container carrier, Vento di Grecale Courtesy Euroseas Ltd.

Euroseas Vessel Rescues 105 Migrants

Euroseas Ltd. announced today that on February 18, 2016, the crew of its container carrier, Vento di Grecale, rescued 105 Somalian, Sudanese and Egyptian migrants/refugees, including three pregnant women and a number of children from an endangered wooden boat that sank in choppy waters a few minutes after rescue. The M/V Vento di Grecale received a distress call from Malta's Marine Response Coordination Center ("MRCC Malta"), while sailing South West of Crete en route to Salerno, Italy.

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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.

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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.

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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.

Euroseas to Sell $29 Million in Shares

Euroseas Ltd. has announced  that it entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC (TCP) and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the company, for expected net proceeds of approximately $29 million. The company intends to use the proceeds for the acquisition of vessels and general corporate purposes. The transaction is expected to close by January 29, 2014. RMK Maritime acted as an advisor to the company in the transaction.

Euroseas Report Dip in Profits

Greek-based Euroseas Ltd., drybulk and container ship owners and operators, publish their Q4 & full year 2012 financial results. Net loss of $13.2 million or $0.34 net loss per share basic and diluted on total net revenues of $52.5 million. Adjusted net loss1 for the period would have been $4.0 million or $0.10 net loss per share basic and diluted. Adjusted EBITDA1 was $14.9 million. An average of 15.21 vessels were owned and operated during the twelve months of 2012 earning an average time charter equivalent rate of $10,155 per day.

Euroseas Latest Financial Report Reflects Depressed Market

Euroseas Ltd. -Net loss of $0.8 million or $0.02 net loss per share basic and diluted on total net revenues of $13.4 million. Adjusted net loss1 for the period was $0.6 million or $0.01 loss per share basic and diluted. -Adjusted EBITDA1 was $4.0 million. -An average of 15.00 vessels were owned and operated during the third quarter of 2012 earning an average time charter equivalent rate of $10,246 per day. -Declared a quarterly dividend of $0.015 per share for the third quarter of 2012 payable on or about December 11, 2012 to shareholders of record on December 4, 2012.

Euroseas Announces 3Q, 9 Month Results

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 and nine month periods ended September 30, 2011. For the 3Q 2011, net income of $0.6 million or $0.02 earnings per share basic and diluted on total net revenues of $16.2 million. Excluding the effect of unrealized and realized loss on derivatives and unrealized loss on trading securities…

Euroseas Reports Results for Q1

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, 2011. -Net loss of $0.6 million or $0.02 loss per share basic and diluted on total net revenues of $14.2 million. Excluding the effect of unrealized gain and realized losses on derivatives, unrealized loss on trading securities and amortization of the fair value of charters acquired…

Euroseas Divident & Time Charter

Euroseas Ltd., (NASDAQ: ESEA) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced that the company's Board of Directors has declared a dividend of $0.05 per common share for the first quarter of 2010. The dividend is payable on June 18, 2010 to all shareholders of record as of June 11, 2010. This is the 19th consecutive quarterly dividend since the company accessed the capital markets in August 2005.