UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2009
Commission File Number: 001-33283
EUROSEAS LTD. |
(Translation of registrant’s name into English) |
|
Aethrion Center 40 Ag. Konstantinou Street 151 24 Maroussi, Greece |
(Address of principal executive office) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
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 December 23, 2009, Euroseas Ltd. Announces Announces two year time Charter Agreement for its panamax bulk carrier M/V Aristides NP
Exhibit 1
![[f122309esea6k002.gif]](f122309esea6k002.gif)
Euroseas Ltd. Announces two year time Charter Agreement for its panamax bulk carrier M/V Aristides NP.
Maroussi, Athens, Greece – December 23, 2009 - Euroseas Ltd., (NASDAQ: ESEA)) an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today, that a subsidiary of the Company has entered into a two-year period time charter agreement for the M/V Aristides NP," a 69,268 dwt, 1993 built Panamax bulk carrier, at a gross daily rate of $18,900. The charter will commence between end February 2010 and mid April 2010.
This employment is expected to generate approximately $13.5 million of gross revenues during the period of the charter. Following this charter, approximately 100% of Euroseas dry bulk fleet days for 2010 and 40 % for 2011 are secured under period charters, or already concluded spot charters, Forward Freight Agreements (FFA's) and are otherwise protected from market fluctuations. For the container fleet, the corresponding coverage is 37% for 2010 and 16% for 2011 making the combined total fleet coverage 57% for 2010 and 23% for 2011. These percentages do not include extension options held by charterers.
Aristides Pittas, Chairman and CEO of Euroseas commented: "We continue to take advantage of the strength of the drybulk market and we are pleased to announce that we have chartererd M/V "Aristides NP" at a favorable rate which enables us to enhance the predictability and strength of our revenues and cash flows. We remain focused in our effort to grow the company and create superior returns for our shareholders.”
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/day) |
Drybulk Vessels |
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PANTELIS | Panamax | 74,020 |
| 2000 | TC ‘til Jan-10 Then until Nov-11 | $25,200 $17,500 |
ELENI P | Panamax | 72,119 |
| 1997 | TC ‘til May-10 | $15,350 |
IRINI (*) | Panamax | 69,734 |
| 1988 | Baumarine Pool |
|
ARISTIDES N.P. | Panamax | 69,268 |
| 1993 | TC ‘til Feb-10 Then until Feb-12 | $12,350 $18,900 |
MONICA P (**) | Handymax | 46,667 |
| 1998 | Bulkhandling Pool | |
Total Drybulk Vessels | 5 | 331.808 |
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Multipurpose Dry Cargo Vessels |
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TASMAN TRADER | 1 | 22,568 | 950 | 1990 | TC ‘til Mar-12 | $9,500 ‘til Dec-10, $9,000 ‘til Mar-12 |
Container Carriers |
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MAERSK NOUMEA | Intermediate | 34,677 | 2,556 | 2001 | TC ‘til Aug-11 (3 annual options ‘til Aug-14) | $16,800 ‘til Aug-11 $18,735 ‘til Aug-12 $19,240 ‘til Aug-13 $19,750 ‘til Aug-14 |
TIGER BRIDGE | Intermediate | 31,627 | 2,228 | 1990 | TC ‘til Mar-10 | $7,500 |
DESPINA P | Handy size | 33,667 | 1,932 | 1990 | Laid-up |
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JONATHAN P | Handy size | 33,667 | 1,932 | 1990 | Laid-up | |
CAPTAIN COSTAS (ex-OEL TRANSWORLD) | Handy size | 30,007 | 1,742 | 1992 | TC til Dec-09 (2 monthly options til Feb-10) | $4,000 |
YM PORT KELANG (ex-MASTRO NICOS, ex-YM XINGANG I) | Handy size | 23,596 | 1,599 | 1993 | TC ‘til Nov-10 (option ‘til Nov-11) | $3,750 ‘til Nov-10 ($5,900 ‘til Nov11) |
MANOLIS P | Handy size | 20,346 | 1,452 | 1995 | TC ‘til Jan-10 (option til Jun-10) (option til Jun-11) | $3,850 ‘til Jan-10 $4,000 ‘til Jun-10 CONTEX less 10% ‘til Jun-11 |
NINOS | Feeder | 18,253 | 1,169 | 1990 | TC ‘til Jan-10 | $3,900 |
KUO HSIUNG | Feeder | 18,154 | 1,169 | 1993 | TC ‘til Mar -10 (option ‘til Dec-10) (option ‘til Jun-11) | $3,850 ‘til Dec-10 |
Total Container Carriers | 9 | 243,994 | 15,779 |
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Fleet Grand Total | 15 | 598,370 | 16,729 |
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Note: TC denotes time charter. All dates listed are the earliest redelivery dates under each TC. All extension option are in favour of the charterers.
(*) "Irini" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk market.
(**) "Monica P" is employed in the Bulkhandling spot pool that is also managed by Klaveness.
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 Select Market under the ticker ESEA.
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.
The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 2 Intermediate containership, 5 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,779 teu and its 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 Company’s growth strategy and measures to implement such strategy; including our expected joint venture and vessel acquisitions and 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 drybulk vessels and containerships, 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 Company’s 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 Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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: December 23, 2009
By: /s/ Aristides J. Pittas
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Aristides J. Pittas
President