Pure Greek

Sticking to its roots, Euroseas Ltd., on Monday, announced the continuation of its fleet renewal and expansion program. The company acquired the 1997 built Panamax bulkcarrier, M/V Glorious Wind, on a charter-free basis, for $18.4 million. In addition, Euroseas disclosed the simultaneous sale of the M/V Nikolaos P, a 34,780 DWT bulkcarrier built in 1984 for $2.4 million. The new Panamax will be employed in the spot market and according to Justin Yagerman of Wachovia Capital will be likely be funded from internally generated cash flow including, the sales proceeds. He further suggests that the company will obtain 50% financing at a later date.

Prudent and opportunistic are the words on everyone’s minds these days. Euroseas has taken these to heart and is trying to balance the needs of

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