Euroseas Ltd adds bulk carrier to its fleet

Euroseas Ltd. of Greece, an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that on February 22, 2007, it took delivery of the M/V Gregos (ex M/V Triada), a 38,434 dwt Handysize drybulk carrier built in 1984 in Japan; the vessel was acquired for $13.1 million. Euroseas also announced that on February 22, 2007 delivered to its buyers, the M/V "Ariel", a handysize drybulk carrier of 33,712 dwt built in 1977. M/V Ariel was sold for $5.35 million; Euroseas expects to realize approximately a $3.4 million gain on the sale.

Aristides Pittas, Chairman and CEO of Euroseas commented before the sale: "This represents our first vessel acquisition since the completion of our public follow-on offering and simultaneous exercise of the underwriters’ over-allotment option, which raised net proceeds of approximately $43.1 million. The M/V Triada, a well-maintained, high quality vessel, will have an immediate contribution to our cash flow given today’s favorable dry bulk market environment. We continue to believe second hand vessels provide a significant value proposition and enable us to maximize our returns. This vessel acquisition is in line with our fleet expansion strategy and we remain committed to further growing our company by investing in well-maintained middle-aged drybulk carriers or container ships.”

Fleet Profile:
The Euroseas Ltd. fleet profile after the sale of m/v Ariel and the delivery to it fleet of m/v Gregos is as follows: