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Euroseas Ltd. upgrades dry bulk carrier

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Dry Bulk,

Euroseas Ltd. has announced that it has agreed to sell for scrap the M/V Eleni P, its 72 119 DWT 1997-built drybulk carrier. The M/V Eleni P is the oldest drybulk vessel in the Company's fleet and is expected to be delivered to its buyers in the beginning of January 2017.

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 M/V Eleni P will be replaced by a larger and younger vessel, the M/V Capetan Tassos, a 75 100 DWT 2000-built drybulk 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."

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