Euroseas Ltd. Announces Delivery of Drybulk Vessel


Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are pleased to announce the delivery of our last drybulk vessel to its buyers. This sale marks the completion of the separation of our containership and drybulk fleets following the spin-off of our other six drybulk vessels in a separate US-listed public company, EuroDry Ltd, on May 30, 2018. We can now pursue growing Euroseas as a pure container company focused on feeder containerships, a sector with very strong fundamentals as the orderbook to fleet ratio is near the lowest levels of the last 20 years and demand growth prospects appear strong. At present market levels, Euroseas’ fleet is expected to generate significant cash flow after debt service which should increase the  Company’s options. We remain focused on shareholder value and are committed to improving the valuation of the Company which still trades at a significant discount to its net asset value.”