Greece: Euromar Buys Containership MV Cap Norte

Euroseas Ltd., an owner and operator of drybulk carriers, containerships and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced yesterday that its joint venture, Euromar LLC (“Euromar”), signed a memorandum of agreement to purchase the M/V Cap Norte , a gearless containership of 41,850 dwt and 3,091 teu built in 2007 in Poland.

M/V Cap Norte comes with a 3-year time charter at about $17,500 per day to a first class charterer. M/V Cap Norte, to be renamed EM Kea, is expected to be delivered not later than June 16, 2012.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to announce Euromar’s 10th acquisition which this time comes with a three year time charter attached to it at a level which will significantly enhance our cashflows. Euromar will continue looking for opportunities in both the container and drybulk space as we feel that the level of the prices that we have currently reached will eventually provide superior returns to Euroseas and Euromar’s shareholders.”

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Source: Euroseas, March 29, 2012