Incorporation
Euroseas was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands.
Joint Venture with Eton Park Capital Management, L.P.
On December 22, 2009, we entered into a non-binding Letter of Intent with Eton Park Capital Management, L.P. on behalf of one or more funds managed by Eton Park and Rhône Capital III L.P. to form a joint venture to pursue investment opportunities in shipping.
Follow-on offering
On November 9, 2007, we completed our follow-on offering of 6,325,000 shares at $17 per share.
On July 5, 2007, we completed our follow-on offering of 5,750,000 shares at $13.50 per share including the full exercise of the underwriters over allotment option.
On February 5, 2007, we completed our follow-on offering of 5,750,000 shares at $8.25 per share including the full exercise of the underwriters over allotment option. Since January 31, 2007, Euroseas stock has traded on the NASDAQ Global Market under the symbol "ESEA".
Private Placement and Merger with Cove
On August 25, 2005, we raised approximately $21 million in gross proceeds from a private placement transaction (the "Private Placement") of our securities to a number of institutional and accredited investors.
In the Private Placement, we issued 2,342,331* shares of common stock at a price of $9.00* per share, as well as warrants to purchase an additional 585,589* shares of common stock. The warrants have a five year term and an exercise price of $10.80*.
* Adjusted for the company's 1:3 reverse common stock split.
The Company registered the shares sold in the private placement and started trading in the over the counter bulletin board on October 6, 2006, a 1:3 reverse common stock split was effected.
Vessel Acquisitions
On December 22, 2009, we sold the two oldest vessels in our fleet, M/V Gregos and M/V Artemis. M/V Gregos, was sold for approximately $7.9 million and the M/V Artemis was sold for scrap for $282/lwt, or approximately $3.2 million
On July 23, 2009, the company took delivery of M/V Pantelis, a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan.
On June 11, 2009, the company announced that it signed a Memorandum of Agreement to a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan, for approximately $27.5 million. The vessel comes with a time charter back to the seller until January 2010 at a gross daily rate of $25,200 per day and is expected to be delivered to the Company between July 1, 2009 and August 5, 2009.
On January 21, 2009, the company took delivery of M/V Monica P, a handymax drybulk carrier of 46,667 dwt built in 1998 in Japan.
On December 30, 2008, the company signed a Memorandum of Agreement to sell M/V Ioanna P, a Panamax drybulk vessel of 64,873 dwt built in 1984 in Japan. The M/V Ioanna P was sold for approximately $3.85 million. The vessel will be delivered to her new owners within January 2009.
On December 5, 2008, the company signed a Memorandum of Agreement to purchase the Monica P (ex Solar Europe), a handymax drybulk carrier of 46,667 dwt built in 1998 in Japan, for approximately $18 million. The vessel is expected to be delivered to the Company`s fleet around January 31, 2009.
On May 27, 2008, the company took delivery of M/V Maersk Noumea, an intermediate container ship of 34,677 dwt and 2,556 twenty foot equivalent units (teu) built in 2001 in South Korea.
On May 19, 2008, the company signed a Memorandum of Agreement to purchase the M/V Maersk Noumea, an intermediate container ship of 34,677 dwt and 2,556 twenty foot equivalent units (teu) built in South Korea. The M/V Maersk Noumea was acquired for $43.5 million and was taken delivery on May 27, 2008.
On October 4, 2007, the Company signed a Memorandum of Agreement to purchase the M/V Ioanna P (ex Trust Jakarta), a Panamax drybulk vessel of 64,873 dwt built in 1984 in Japan. The M/V Ioanna P was acquired for approximately $ 28.6 million and and was taken delivery on November 2, 2007.
On August 30, 2007, the Company signed a Memorandum of Agreement to purchase the M/V Tiger Bridge (ex City of Hamburg), an intermediate container ship of 30,400 dwt and 2,228 twenty-foot equivalent units (teu) built in 1990 in Korea. The M/V Tiger Bridge, was acquired for approximately $ 24.0 million and was taken delivery of the vessel on October 8, 2007.
In August 2007 took delivery of two Handysize container ships, Jonathan P (ex Honor River) and Despina P (ex Beauty River) each with a capacity of 33,667 dwt and 1,932 teu., built in 1990 in South Korea.
On June 18, 2007 took delivery of a Handysize containership, Clan Gladiator, with 1,742 teu and 30,007 dwt, was built in 1992.
On April 17, 2007 took delivery of a Handysize containership, called Manolis P that was built in 1995 in Germany, with 1,452 teu and 20,346 dwt.
The company replaced the M/V Ariel by purchasing the M/V Gregos a 38,691 dwt Handysize drybulk carrier built in 1984 in Japan
On November 15, 2006 took delivery of a Handysize container ship called YM Xingang I that was built in 1993, with 1,599 teu and 23,596 dwt.
On July 25, 2006 announced the agreement to purchase a Panamax dry bulk carrier vessel called m/v Aristides N.P. ( ex Torm Tekla) that was built in 1993, with 69,268 dwt.
On April 27, 2006 took delivery of a multipurpose dry cargo vessel called m/v Tasman Trader that was built in 1990, with 950 teu and 22,568 dwt.
On November 25, 2005 took delivery of a containership called m/v Roseleen (ex Sea Arrow - renamed Artemis ) that was built in 1987, with 2,098 teu and 29,693 dwt.
At the same time the company sold three of its older vessels realizing a $7.9 million of capital gains.
