Euroseas Ltd. Announces the Acquisition of a Containership by its Joint Venture, Euromar LLC.
News Release
Euroseas Ltd.
September 26, 2011
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<DIV><FONT size=2><FONT face=Arial><STRONG>09/26/11</STRONG> Maroussi, Athens,
Greece, September 26, 2011, Euroseas Ltd., (NASDAQ:ESEA) an owner and operator
of drybulk carriers, containerships and multipurpose vessels and provider of
seaborne transportation for dry bulk and containerized cargoes, announced today
that its joint venture company, Euromar LLC ("Euromar"), 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. <BR><BR>On March 25, 2010, Euroseas entered into a
Joint Venture with companies managed by Eton Park Capital Management and Rh�ne
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 Rh�ne'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 Rh�ne 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. <BR><BR>With
the acquisition of M/V TORGE S, Euromar will have purchased eight geared
containerships with an average age of approximately 7.9 years. As of September
26, 2011, Euromar's fleet profile is as follows: <BR><BR><IMG
src="http://www.capitallink.com/companies/greece/ppressimg/54354744/euroseas092611.gif"> </FONT></FONT><BR><BR></DIV></BODY></HTML>
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<DIV><FONT size=2><FONT face=Arial><STRONG>09/26/11</STRONG> Maroussi, Athens,
Greece, September 26, 2011, Euroseas Ltd., (NASDAQ:ESEA) an owner and operator
of drybulk carriers, containerships and multipurpose vessels and provider of
seaborne transportation for dry bulk and containerized cargoes, announced today
that its joint venture company, Euromar LLC ("Euromar"), 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. <BR><BR>On March 25, 2010, Euroseas entered into a
Joint Venture with companies managed by Eton Park Capital Management and Rh�ne
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 Rh�ne'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 Rh�ne 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. <BR><BR>With
the acquisition of M/V TORGE S, Euromar will have purchased eight geared
containerships with an average age of approximately 7.9 years. As of September
26, 2011, Euromar's fleet profile is as follows: <BR><BR><IMG
src="http://www.capitallink.com/companies/greece/ppressimg/54354744/euroseas092611.gif"> </FONT></FONT><BR><BR></DIV></BODY></HTML>