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Euroseas acquires four feeder boxships from Euromar JV

Euroseas acquires four feeder boxships from Euromar JV

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Greek owner Euroseas has acquired two feeder containerships and options to acquire two more from Euromar, a joint venture owned by Euroseas and two private equity firms.

Euroseas is acquiring the 2000-built 2,506 teu pair EM Athens and EM Oinousses, and the option to acquire the 2001-built 2,556 teu EM Corfu and 5,600 teu Akinada Bridge for a combined amount of around $25m. The vessels are scheduled for delivery by the end of the year.

Additionally, Euroseas said it has acquired an additional 85.714% ownership of Euromar for a nominal cost to give it full ownership. Euromar owns five additional containerships to the four sold to Euroseas.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are very pleased to proceed with the acquisition of the four container vessels, which increases our fleet in the containership feeder sector and is accretive to our shareholders. We are further pleased to take full ownership of Euromar and we are looking forward to working constructively with its lenders to maximize the value of its remaining vessels for the benefit of our shareholders and all parties involved. We are encouraged by the stronger drybulk and containership markets during the last few months and we hope to be able to capitalize on the continuing improvement of both sectors for the benefit of our shareholders.”

Euroseas will finance the acquisitions with a combination of debt and equity.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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