- Euroseas to Spin Off Euroholdings Ltd. for Enhanced Growth.
- Spin-Off details and Fleet Profile Adjustments are Announced.
- Euroseas to Record $10.2 Million Gain on Sale of M/V Diamantis P.
Euroseas Ltd. (NASDAQ: ESEA) has sold its feeder containership, M/V Diamantis P, a 2,008 TEU containership built in 1998, for around $13.15 million. Delivery to the third-party buyer occurred on January 15, 2025, reports Euroseas Ltd.
Financial Impact and Future Plans
In commenting on the sale, Chairman and CEO of Euroseas Aristides Pittas said: “The selling price was perceived as attractive, considering the likely employment options that would have resulted in the next drydocking in 2026.”
Euroseas expects to realise a gain of around $10.2 million from the sale or approximately $1.45 per share. The sale is part of Euroseas’ strategy to consolidate older vessels through its subsidiary, Euroholdings Ltd., which was spun off to maximize the value realized from such transactions. The proceeds from this sale will support Euroholdings’ strategy of consolidating older vessels.
Euroholdings Ltd. Spin-off and Fleet Profile
Euroseas has already said that it plans to spin off three subsidiaries into Euroholdings Ltd., which will manage the older vessels, including the one sold, M/V Diamantis P. Euroholdings Ltd. intends to list on the NASDAQ Capital Market. The spin-off is believed to streamline the operations and unlock value for the shareholders, though there is no assurance about the structure, terms, or timing of the transaction.
After the spin-off and the sale of Diamantis P, Euroholdings’ fleet will consist of the following vessels:
- JOANNA (Feeder, 1,732 TEU, built 1999)
- AEGEAN EXPRESS (Feeder, 1,439 TEU, built 1997)
Euroseas Ltd. Fleet Profile Post Spin-off
Following the spin-off, Euroseas Ltd.’s fleet will be composed of 22 vessels, with a combined TEU capacity of 67,494. Key vessels in the fleet include:
- MARCOS V (Intermediate, 6,350 TEU, built 2005, TC until Aug-25)
- SYNERGY BUSAN (Intermediate, 4,253 TEU, built 2009, TC until Dec-27)
- SYNERGY ANTWERP (Intermediate, 4,253 TEU, built 2008, TC until Mar-25)
- SYNERGY OAKLAND (Intermediate, 4,253 TEU, built 2009, TC until May-26)
The fleet also includes multiple feeders with varying employment contracts and time charter (TC) rates.
Vessels Under Construction
In addition to the existing fleet, Euroseas has two vessels under construction:
- ELENA (H1711) (Intermediate, 4,300 TEU, expected delivery in Q4 2027)
- NIKITAS G (H1712) (Intermediate, 4,300 TEU, expected delivery in Q4 2027)
Both vessels are expected to enhance Euroseas’ overall fleet capacity upon completion.
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Source: Euroseas Ltd.
