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Euroseas sends elderly bulk carrier for scrap

Athens-based Euroseas has sold a 72,119-dwt dry bulk carrier for scrap, and took delivery of a secondhand 1,645-teu feeder boxship.

The 1997-built bulker Eleni P is the oldest dry bulk vessel in the company’s fleet and is expected to be delivered to the scrapyard in the beginning of January 2017.

The purchase of the 1998-built feeder container vessel RT Dagr was made via funds raised from the issuing of 900,000 shares of the company’s common stock.

Aristides Pittas, chairman and ceo of Euroseas, commented: “This transaction is an overall positive development for Euroseas and showcases our ability to take advantage of market opportunities to renew our fleet.

“For a nominal incremental investment, the Eleni P will be replaced by a larger and younger vessel, the Capetan Tassos, a 75,100-dwt 2000-built dry bulk vessel, whose acquisition we announced on 23 November 2016. We will continue positioning our fleet for a potential market recovery and exploiting investment opportunities in the present market environment.”

After the sale of Eleni P, the delivery of RT Dagr, and the previously announced acquisitions of Alexandros P and Capetan Tassos, to be delivered to Euroseas in January 2017, the company's fleet will consist of 14 vessels, including one kamsarmax, three panamax, one ultramax and one handymax bulker, and eight feeder containerships.

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