Nasdaq-listed EuroHoldings inked a loan agreement with Piraeus Bank S.A. on November 14 for $20.0m to partly finance the acquisition of the vessel Hellas Avatar.
EuroHoldings signed a memorandum of agreement on Nov. 3 to acquire a medium-range (MR) product tanker vessel with capacity of 49,997-dwt, built in 2015 in South Korea, from an affiliated party.
The Hellas Avatar will be purchased for a price of $31.83m, with delivery expected in mid-November 2025.
As informed, an independent committee of disinterested directors was formed to evaluate and approve the transaction.
Euroholdings, an owner and operator of container carrier vessels, is making a strategic shift toward modern medium range (MR) product tankers, following the acquisition of 51.04% of the company’s shares by a company associated with the Greek Latsis family.
Aristides Pittas, chairman, president and CEO of Euroholdings, said: “In June 2025, we announced a change in our shareholder base which resulted in Marla Investments Inc., a company associated with the Latsis family of Greece, acquiring about 51% of the company with the Pittas family remaining a large shareholder as well. Subsequently, our Board of Directors decided to focus our growth in the tanker sector and, initially, the medium range (MR) product tankers. The first step of this new strategic direction is taking place with the acquisition of M/V Hellas Avatar, a 49,997dwt modern product tanker built in 2015, that we announced on November 5, 2025.
“While our two elder containerships continue to generate earnings and positive cash flow, we are evaluating our next step in the tanker sector. We remain committed to growing Euroholdings into a premier publicly-listed owner and operator in a sector which we believe offers significant market opportunities and increased visibility in the energy and public markets.”
The company was incorporated by Nasdaq-listed Euroseas to serve as the holding company of three of its vessel-owning subsidiaries.
The shares of EuroHoldings were distributed to Euroseas shareholders on March 17, 2025.
EuroHoldings’s operations are managed by Eurobulk Ltd., an affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels.
The company has a fleet of two feeder containership vessels with a cargo capacity of 40,882-dwt, or 3,171-teu.
After the delivery of the first product tanker, Euroholdings’ mixed fleet will consist of 3 vessels with a total carrying capacity of 90,879-dwt.
