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Euroseas acquires feeder boxship from Pittas family

Greek owner Euroseas has signed an MOU to acquire four feeder containerships from the Pittas family and its chairman Aristides Pittas. Euroseas will pay $15m cash and issue around 22.5m shares, representing 64.3% of Euroseas’ outstanding common shares to the sellers of the four vessels EM Hydra, EM Spetses, EM Kea and Diamantis P. The company intends to finance the cash portion with bank debt which will be used to repay the existing indebtedness of the vessels. Following the acquisition, Euroseas fleet will consist of 15 container vessels.

Charter

4 - 6 months charter extension, trading Europe - West Africa, CMA CGM

Fire in ship's container

One of the containers loaded with chemicals caught fire about 50 nautical miles off Mangalore aboard the "Cap Norte" on May 5, 2012, but none was hurt in the incident. The vessel was carrying about 15 ton polyamide sulphide. The "Cap Norte" was enroute to Mundra with a crew of 24 on board when the fire broke out. The captain sent a distress message to the Maritime Rescue Coordination Center in Mumbai. Immediately after receiving the message, the Coast Guard Fast Patrol vessel ICGS "Savitribai Phule" was sent to render assistance and reached the area at around 1 p.m. The "Cap Norte"-crew, however, was able to extinguished the fire and the situation was under control. The fire was observed only in cargo containers. Of the 24 crew members, two belonged to Greece, five from the Philliphines, three from Poland, one each from Germany and UK and 12 from Tuvalu.