Euroseas To Acquire 2005-Built Leo Paramount Vessel For $40M

Euroseas Ltd. ESEA agreed to acquire M/V Leo Paramount, a 6,350 teu container vessel built in 2005, for $40 million.
The vessel, which is expected to be delivered within 2021 and be renamed M/V Marcos V, will be financed by its own funds and a bank loan.
Euroseas held cash and equivalents of $3.9 million as of June 30, 2021.
The vessel is to enter into a three-year time charter contract at a daily rate of $42,200 with a possible extension for an additional (fourth) year at the option of the charterer at $15,000 per day.
Price Action: ESEA shares are trading higher by 7.12% at $36.73 on the last check Thursday.