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.
The Nasdaq-listed company led by Aristides Pittas saw a company associated with the Latsis family of Greece, Marla Investments, agree to buy 51.04% of the company’s shares, with the Pittas family remaining a large shareholder.
“We are happy to report that as announced in late June 2025, our shareholder base has been further strengthened as Marla Investments Inc., a company associated with the Latsis family of Greece, has acquired 51.04% of our shares with the Pittas family remaining a large shareholder as well. We believe that the combined financial strength of our major shareholders and their desire to grow Euroholdings will, indeed, enable our company to deliver superior returns to all of our shareholders,” Aristides Pittas, chaiman, president and CEO of Euroholdings commented in the company’s financial report for the quarter and six-month period.
In its Q2 2025 earnings release, Euroholdings announced its board has decided to focus on the growth of the tanker sector and, initially, pursue a modern medium range product tanker investment.
“In that context, our Board decided to focus our growth in the tanker sector and, initially, the medium range (MR) product tankers. Over the next several months, we will be gradually implementing this growth strategy targeting modern vessels.”
For Q2 2025, Euroholdings reported total net revenues of $2.9m representing a 27.8% decrease over total net revenues of $4.0m during the second quarter of 2024, which was the result of the decreased average number of vessels operating in the second quarter of the current year.
Net income for the quarter stood at $0.8m compared to net income of $2.3m for the same period of 2024.
“We are pleased to report the results for the first half of 2025 of Euroholdings, a company spun-off from Euroseas Ltd., in March 2025, containing 2 elder containerships and the proceeds from the sale of a third one. As both our vessels have been profitably chartered, we are pleased to report profitable results according to our expectations and happy to announce the declaration of the second quarterly dividend representing an annualized yield of about 7.5%,” Mr Pittas said.
On the company’s charter portfolio, Mr Pittas noted with containership market conditions remaining strong, Euroholdings’ feeder vessels could be rechartered beyond their current contracts contributing further earnings and further “enabling the execution of our growth plan in the product tanker sector.”
Euroholdings, formed on March 20, 2024, was incorporated by Euroseas to serve as the holding company of three subsidiaries that were contributed by Euroseas, effective January 1, 2025. Euroseas distributed all the shares of Euroholdings to its shareholders on March 17 thereby spinning off Euroholdings. Euroholdings began trading on Nasdaq on March 18.
Euroholdings operates in the container shipping market. Euroholdings’ 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. Euroholdings employs its vessels on period charters.
The company has a fleet of 2 feeder container carriers with a total carrying capacity of 3,171 TEU.
