A subsidiary of Euroseas Ltd enters the
time charter agreement
Euroseas Ltd., an owner and operator of dry bulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced yesterday that a subsidiary of the Company has entered into a time charter agreement for one of its container ships. The M/V “Clan Gladiator” a 1,742 teu 1992 built handysize container ship, has entered in a time charter agreement for minimum 16 to maximum 18 months at a gross daily rate of $18,500. The charter will commence after the conclusion of the present charter contract of the vessel.
Following this charter, 100 % of Euroseas total containership fleet days in 2008 and about 47% for 2009, are fixed under period charters. Overall, including the Company’s dry bulk fleet, 85% of the total fleet days in 2008 and about 33% in 2009 are covered under period charters, already concluded spot charters, or, otherwise protected from market fluctuations.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to announce that we have secured all of our containerships for 2008 and a significant percentage of them for 2009 on profitable time charters. By securing our income base with our container fleet and leaving the majority of our dry bulk fleet exposed to the presently strong spot market, we believe we will maximize our shareholders’ returns.”
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