Euroseas Announces Bank Loan to Finance Recent Acquisition and Sale of Containership Feeder Vessel

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Euroseas announced the signing and service of a drawdown notice under a $10.86 million loan to finance the recent acquisition of M/V Alexandros P, the newbuild Ultramax drybulk carrier that was delivered to the Company on January 16, 2017.

The Company also announced that it has entered into an agreement to sell for scrap the M/V RT Dagr, a 1,645 teu feeder containership, built in 1998, for net sale proceeds of about $2.1 million. The vessel is expected to be delivered to its buyers in the beginning of February 2017.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the signing and drawing of the $10.6 million loan to finance our newbuilding Alexandros P. As the vessel was already fully paid with cash on hand, the proceeds from the loan as well as those from the sale of M/V RT Dagr, provide us with significant additional liquidity and “fire power” for our growth plans. Over the last year or so, despite the very challenging market conditions, we have taken advantage of quality vessel investment opportunities at a low point in the market cycle for both the drybulk and containership segments. We are looking forward to continuing executing on this strategy and benefitting from a potential market recovery in both sectors.”

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