Euroseas Sells Bulker for Scrap, Adds Feeder

Euroseas Greek owner and operator of dry bulk and container carrier vessels Euroseas Ltd. has reached an agreement to sell one of its dry bulk carriers, the 72,119 dwt MV Eleni, for scrap. The company said that the 1997-built ship is the oldest dry bulk vessel in the companys fleet and is expected to be delivered to its buyers in the beginning of January 2017. This transaction is an overall positive development for Euroseas and showcases our ability to take advantage of market opportunities to renew our fleet. For a nominal incremental investment, the MV Eleni P will be replaced by a larger and younger vessel, the MV Capetan Tassos, a 75,100 dwt 2000-built dry bulk vessel, Aristides Pittas, Chairman and CEO of Euroseas, said. He added that Euroseas will continue positioning our fleet for a potential market recovery and exploiting investment opportunities in the present market environment. Additionally, the company has taken delivery of a 1,645 TEU feeder containership, the MC RT Dagr, built in 1998. The vessel was purchased by issuing 900,000 shares of the companys common stock. After the sale of the MV Eleni P, the delivery of the MV RT Dagr, and the previously announced acquisitions of the 63,500 dwt Ultramax dry bulk carrier MV Alexandros P and the MV Capetan Tassos, scheduled for delivery in January 2017, Euroseas fleet will consist of 14 vessels.