Euroseas acquires secondhand feeder containership

Greek owner Euroseas has agreed to purchase the 2,788 teu containership EM Astoria from Euromar LLC, a joint venture the company has with two private equity firms.

Euroseas is funding the acquisition via bank financing which includes a profit sharing agreement with the bank.

Aristides Pittas, chairman and CEO of Euroseas commented: “We are very pleased to proceed with the acquisition of EM Astoria which increases our fleet in the containership feeder sector and is accretive to our shareholders. We remain optimistic that both the containership and drybulk sectors will keep improving in the near and medium term and we continue positioning our assets to take advantage of such developments.”

The 2004-built vessel is expected to be delivered next month.

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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