Greece: Euroseas Charters Bulk Carrier MV Monica P

Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that a subsidiary of the Company has entered into a two-year time charter agreement, until September 2013, for the vessel, M/V Monica P, a 46,667 dwt, 1998 built Handymax bulk carrier at a gross daily rate of $12,375.

The charter commenced on October 11, 2011 upon termination of the vessel’s participation in the Bulkhandling pool. This employment is expected to generate approximately $9 million of gross revenues during the period of the charter.

Following the above mentioned charter, approximately 87% of Euroseas total drybulk fleet days for 2012 and approximately 42% in 2013 are secured under period charters.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce that we have secured this time charter Agreement for M/V Monica P with a first class charterer. We believe that this fixture will provide us with substantial additional secured cash for the next two years, allowing us more flexibility in pursuing further growth opportunities.”

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Source: Euroseas Ltd, October 18, 2011