May 4, 2018 / 1:06 PM / 5 months ago

BRIEF-Euroseas Ltd Announces Time Charter Contract

May 4 (Reuters) - Euroseas Ltd:

* EUROSEAS LTD. ANNOUNCES TIME CHARTER CONTRACT AND FINANCING FOR ITS NEWBUILDING KAMSARMAX M/V EKATERINI AND SETS DATE FOR THE RELEASE OF FIRST QUARTER 2018 RESULTS, CONFERENCE CALL AND WEBCAST

* EUROSEAS LTD - UNIT OF CO ENTERED INTO A TIME CHARTER CONTRACT FOR ITS NEWBUILDING VESSEL, M/V EKATERINI

* EUROSEAS - M/V EKATERINI IS CHARTERED TO A EUROPEAN CHARTERER FOR ABOUT 2 YEARS AT GROSS DAILY RATE OF $13,000

* EUROSEAS LTD - SECURED A BANK LOAN OF ABOUT $18.4 MILLION TO FINANCE ACQUISITION OF THE VESSEL

* EUROSEAS LTD - CHARTER WILL COMMENCE UPON DELIVERY OF VESSEL AND IS EXPECTED TO CONTRIBUTE ABOUT $9.0 MILLION OF NET REVENUES TO CO DURING CONTRACT PERIOD

* EUROSEAS LTD - M/V EKATERINI IS SCHEDULED TO BE DELIVERED TO CO FROM SHIPYARD ON MAY 7

* EUROSEAS-LOAN PROCEEDS TO HELP CO'S LIQUIDITY BY ABOUT $2.2 MILLION AFTER REPAYMENT OF LAST INSTALLMENT TO SHIPYARD, ALL VESSEL DELIVERY RELATED EXPENSES Source text for Eikon: Further company coverage:

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