Euroseas Ltd. (NASDAQ:ESEA)

WEB NEWS

Wednesday, August 11, 2010

Comments & Business Outlook
Aristides Pittas, Chairman and CEO of Euroseas, commented: "During the first half of 2010 we saw a significant recovery of the containership markets which has enabled us to re-activate one of our 2 laid-up container vessels and renew expiring charters at slightly higher rates. We expect that the re-activation of our remaining laid-up containership and the renewal of the rest of our containership contracts over the remaining of 2010 and 2011 will allow our entire containership fleet to start contributing again to our earnings in 2011. Our drybulk fleet is fully covered for 2010 either via physical charters or via FFA contracts and we have expected and seen little influence on our earnings from the developments in the market. For 2011 we have 60% secured cover at profitable rates.


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