Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas said on Thursday that its wholly owned subsidiary, Euroholdings has sold the 2,008 teu feeder containership vessel Diamantis P.
The owner sold the boxship, built in 1998, for around $13.15m and it was delivered to its new owners, an unaffiliated third party, on January 15.
The company now expects to record a gain on the sale of approximately $10.2m, or about $1.45 per share.
Meanwhile, earlier this month Euroseas said that it will spin-off the company’s older three vessels, the 1,439-teu Aegean Express (1997-built), the 1,732-teu Joanna (1999-built) and the now-sold 2,008-teu Diamantis P (1998-built) into a separate company, Euroholdings Ltd., which has applied for listing on the Nasdaq capital market, in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders.
However, Euroseas clarifies that there can be no assurance that the spin-off transaction will ultimately occur and if it does occur what its structure, terms or timing will be.
“As previously announced, the company intends to spin-off three of its subsidiaries, two owning the company’s older two vessels, M/V Aegean Express and M/V Joanna and the one that owned M/V Diamantis P before the vessel was sold, into a separate company, Euroholdings Ltd., in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders,” reads the company’s statement on Thursday.
Aristides Pittas, chairman and CEO of Euroseas, said: “We are pleased to announce the sale of M/V Diamantis P for a price of more than $13 million which we considered attractive compared to employment scenarios for the vessel at prevailing market rates until the vessel’s next drydocking in October 2026 at which time the vessel would be 28 years old.
“The vessel was delivered to its buyers today upon completion of minor repairs she underwent after the expiry of its previous charter.
“We expect to record a gain on sale of approximately $10.2 million, or about $1.45 per share.
“The company that owns M/V Diamantis P is one of our subsidiaries contributed to Euroholdings, a spin-off of the three oldest vessels of Euroseas that we announced recently.
“Euroholdings plans to use the proceeds from the sale of M/V Diamantis P to advance its strategy of consolidating older vessels and trying to maximize the value realized.
“The very fact of the sale of M/V Diamantis P instead of pursuing employment options is a testament of executing this strategy.”
After the spin-off of Euroholdings, the Euroseas fleet portfolio will consist of 22 container carriers on the water and 2 intermediate containerships under construction with delivery expected to take place in the fourth quarter of 2027.
