Somali Pirates Release Vessel, Crew

Somali pirates Saturday released a bulk cargo vessel and its crew.

The pirates had been holding the M/V Eleni P, a 72,119 dwt, 1997 built Panamax bulk carrier and its 23-member crew captive since May. Euroseas, the owner and operator of the ship, said all crew members were safe.

The vessel was originally seized by the pirates on May 12, 2010 while on passage from Yuzhny, Ukraine to China fully loaded with a cargo of iron ore, said Euroseas.

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The vessel is en route under her own power to a port of refuge, where the company plans to re-unite the crew with their families. Following emergency repairs, the vessel is expected to continue her voyage to the discharging port with a new crew on board.

"We are delighted to report that the Eleni P and its crew have been safely released from the Somali pirates,” Aristides Pittas, chairman and CEO of Euroseas, said. “On behalf of Euroseas and our board of directors, I would like to thank all the officers, crew members and their families for the bravery, resilience and patience they showed and their support for and confidence in Euroseas throughout this very difficult period.”

“Piracy is a major global concern and whilst gradually the shipping industry is finding the means for limiting economic consequences through various new insurance schemes, clearly this should not make us complacent as it is totally unacceptable in today's modern times for the crew to have to undergo such an ordeal,” Pittas said.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas employs its vessels on spot and period charters and through pool arrangements.

-- Contact Thomas L. Gallagher at tgallagher@joc.com.