Euroseas Ltd. announced today that its joint venture company, Euromar LLC, signed a memorandum of agreement to purchase the M/V TORGE S, a geared containership of 33,216 dwt and 2,450 twenty foot equivalent units (teu) built in 2003 in Japan.
The vessel is expected to be delivered to Euromar in October 2011; it will be renamed EM ANDROS after its delivery.
On March 25, 2010, Euroseas entered into a Joint Venture with companies managed by Eton Park Capital Management and Rhone Capital, two recognized private investment firms to form Euromar a Marshall Islands limited liability company. Eton Park’s investments are made through Paros Ltd., a Cayman Islands exempted company, and Rhone’s investments are made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP. Pursuant to the terms of the Joint Venture, Euroseas would invest up to $25.0 million for a 14.28% interest in the Joint Venture, while Eton Park and Rhone would each invest up to $75.0 million for a 42.86% interest each in the Joint Venture, for a total of $175.0 million. Euroseas has contributed $15.0 million of its $25.0 million commitment to-date.
With the acquisition of M/V TORGE S, Euromar will have purchased eight geared containerships with an average age of approximately 7.9 years.
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 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 16 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 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 10 containerships have a cargo capacity of 17,787 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
[mappress] Source: Euroseas Ltd, September 26, 2011