FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October 2007
EUROSEAS LTD.
(Translation of registrant's name into English)
Euroseas Ltd.
Aethrion Center
40 Ag. Konstantinou Street
151 24 Maroussi, Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
<PAGE>
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by Euroseas Ltd. (the "Company") on October 8, 2007 takes delivery of its 14th vessel
EXHIBIT 1
Euroseas Ltd. Takes Delivery of its 14th Vessel
Maroussi, Athens, Greece, October 8, 2007 - Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk carriers and container ships and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it has taken delivery of the M/V Tiger Bridge, an intermediate container ship of 30,400 dwt and 2,228 twenty-foot equivalent units (teu) built in 1990 in Korea. As previously disclosed, the vessel was acquired for approximately $24.0 million and comes with a period charter attached until July 2009 at a rate of $16,500 per day. Following the delivery of M/V Tiger Bridge and of the contracted to be acquired, M/V Ioanna P, approximately 79% of Euroseas total fleet days in the fourth quarter of 2007 and approximately 45% in 2008 will be fixed under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We are pleased to announce that we have taken delivery of the M/V Tiger Bridge, our 14th vessel further enhancing our contracted revenues on our fleet. This acquisition continues our strategy of investing in dry cargo vessels that maximize the return on investment for the benefit of our shareholders. In this context and in connection with the upcoming delivery of our 15th vessel, M/V Ioanna P, our increased cash flow and earning visibility could be utilized for further fleet growth, paying down our debt and continuing our dividend policy.
Fleet Profile:
The fleet profile of Euroseas after delivery of the contracted to be acquired M/V Ioanna P will be as follows:
Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/day) |
Dry Bulk Vessels |
|
|
|
|
|
|
IRINI (*) | Panamax | 69,734 |
| 1988 | Baumarine Pool til end 2008 | $17,000 to $20,000 (*) |
ARISTIDES N.P. | Panamax | 69,268 |
| 1993 | TC til Jan-08 | $29,000 |
IOANNA P. (EX-TRUST JAKARTA) | Panamax | 64,873 |
| 1984 | TC til Jul-08 | $35,500 |
NIKOLAOS P. | Handysize | 34,750 |
| 1984 | TC Nov -07 | $21,300 |
GREGOS | Handysize | 38,691 |
| 1984 | Spot | $43,250 |
Total Dry Bulk Vessels | 5 | 277,316 |
|
|
| |
|
|
|
|
|
|
|
Multipurpose Dry Cargo Vessels |
|
|
|
|
|
|
TASMAN TRADER | 1 | 22,568 | 950 | 1990 | TC til Mar-12 | $8,850 til Dec-08, $9,500 til Dec-10, $9,000 til Mar-12 |
Container Carriers |
|
|
|
|
|
|
TIGER BRIDGE (EX-CITY OF HAMBURG) | Intermediate | 30,400 | 2,228 | 1990 | TC til Jul-09 | $16,500 |
ARTEMIS | Intermediate | 29,693 | 2,098 | 1987 | TC til Dec-08 | $19,000 |
DESPINA P | Handysize | 33,667 | 1,932 | 1990 | TC til Oct-07 | $17,000 |
JONATHAN P | Handysize | 33,667 | 1,932 | 1990 | TC til Oct-07 | $17,000 |
CLAN GLADIATOR | Handysize | 30,007 | 1,742 | 1992 | TC til Apr-08 | $19,000 |
YM XINGANG I | Handysize | 23,596 | 1,599 | 1993 | TC til Jul-09 | $26,650 |
MANOLIS P | Handysize | 20,346 | 1,452 | 1995 | TC til Mar-08 | $13,450 |
NINOS | Feeder | 18,253 | 1,169 | 1990 | TC til Apr-08 | $12,800 |
KUO HSIUNG | Feeder | 18,154 | 1,169 | 1993 | TC til Feb-09 | $12,000 til Dec-07 $15,800 til Feb-09 |
Total Container Carriers | 9 | 237,783 | 15,321 |
|
|
|
Fleet Grand Total | 15 | 537,667 | 16,271 |
|
|
|
(*)
IRINI is employed in the Baumarine pool that is managed by Klaveness, a major global charterer in the dry bulk area, and also participates in two short funds (contracts to carry cargo at agreed rates), minimizing its exposure to the spot market (covered at 77% for 2007 and 42% for 2008, approximately). The rate mentioned above corresponds only to the fixed portion of the vessels employment. The remaining portion earns the market spot rate.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
After the acquisition of the M/V Ioanna P, the Company will have a fleet of 15 vessels, including 3 Panamax drybulk carriers, 2 Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize container ships, 2 Feeder container ships and a multipurpose dry cargo vessel. Euroseas 5 drybulk carriers have a total cargo capacity of 277,316 dwt, its 9 container ships will have a cargo capacity of 15,321 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Companys growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels and container ships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Companys filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Companys expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contact:
Visit our website www.euroseas.gr
Company Contact | Investor Relations / Financial Media |
Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr | Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EUROSEAS LTD.
(registrant)
Dated October 8, 2007
By: /s/ Aristides J. Pittas
---------------------------------
Aristides J. Pittas
President