Euroseas Ltd. has taken delivery of the M/V Four Coal to be renamed M/V Pantelis, a Panamax drybulk carrier of 74,020 dwt.
Euroseas Ltd. , owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today, that it has taken delivery of the M/V Four Coal to be renamed M/V Pantelis, a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan. As previously disclosed, the vessel was acquired for approximately $27.5 million and comes with a time charter back to the seller until December 2009 at a gross daily rate of $25,200 per day. The vessel will be partly financed with a bank loan of approximately $13 million.
After the acquisition of M/V Pantelis, approximately 70% of Euroseas' total fleet days remaining in 2009 and approximately 40% in 2010 are fixed under time charters, FFA contracts, spot charters, or otherwise protected from market fluctuations.