Euroseas Ltd. announced that it has taken delivery of M/V Solar Europe, a handymax drybulk carrier of 46,667 dwt built in 1998 in Japan.
Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced yesterday that it has taken delivery of M/V Solar Europe, a handymax drybulk carrier of 46,667 dwt built in 1998 in Japan. The vessel, acquired for $18.million as previously announced, will be renamed M/V Monica P. The acquisition was financed with equity and a $10 million loan facility. M/V Monica P will be employed in the Bulkhandling pool managed by Klaveness. Furthermore, the Company delivered to her new owners M/V Ioanna P, a panamax drybulk vessel of 64,873 dwt built in 1984 in Japan, one of the eldest vessels in its fleet. The vessel was sold for approximately $3.85 million The Company also announced that it contracted additional coverage on the Freight Forward Agreement ("FFA") market for 2009 and 2010. For 2009, the Company has sold to-date FFA contracts on the panamax index totalling 585 days with an average time charter equivalent rate of approximately $11,500 per day. For 2010, the Company has sold to-date FFA contracts on the panamax index totalling 995 days with an average time charter equivalent rate of approximately $12,700 per day. The panamax index refers to a modern panamax dry bulk carrier. All FFA contracts that the Company sold are cleared.
Following the sale of the M/V Ioanna P, the acquisition of M/V Monica P and the conclusion of above mentioned FFA contracts approximately 53% of Euroseas total fleet days of 2009 and approximately 36% in 2010 will be fixed under period charters, already concluded spot charters, FFA contracts, or, otherwise protected from market fluctuations.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce taking delivery of the handymax vessel we recently acquired which alongside the sale of one of the oldest vessels in our fleet has initiated our fleet renewal program. Our ability to secure 55% financing of the acquisition price in such challenging times underlines our good standing with our bankers, and, gives us confidence to continue with our investment plan.
"We are also pleased to announce that our newly acquired vessel will be employed in the Bulkhandling pool managed by Klaveness. While expanding our close relationship with Klaveness, we continue to pursue various employment options for our vessels that include physical charters, charter extensions at our option to protect our downside, FFA contracts and pool employment."
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