Dry CargoEurope

Euroseas acquires bulk carrier

Drybulk and container shipping operator Euroseas has announced that it signed a memorandum of agreement to purchase the Capetan Tassos, a Japanese built 75,100dwt panamax drybulk carrier for approximately $4.4m.

The vessel is expected to be delivered to the company in January 2017.

In the meantime, Euroseas also reached an agreement with a company affiliated with its CEO to draw a $2m loan to finance working capital needs.

“We are very pleased to announce the acquisition of M/V Capetan Tassos as we believe the sector is approaching a turning point after a long period of depressed rates. Furthermore, to facilitate the acquisition and provide additional working capital, we arranged for a short term loan with an affiliated party; the loan was negotiated by an independent committee of our board of directors and carries what we believe to be better-than market terms,” commented Aristides Pittas, Chairman and CEO of Euroseas.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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