ContainersEuropeFinance and Insurance

Euroseas adds to fleet, gets $1m investment from Pittas

Euroseas has acquired German-built 1,645 teu feeder containership RT Dagr from Tennenbaum Capital Partners, a Euroseas shareholder, for around 900,000 shares of the company’s common stock.

The vessel is set to be delivered before the end of the year.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are very pleased to announce the acquisition of M/V RT Dagr for common stock. This acquisition not only further positions the company to benefit from a potential increase in the containership market after a long period of depressed rates, but also underlines the company’s strategy and ability to act as a consolidator of tonnage in the feeder containership sector.”

Euroseas says it has also reached an agreement with the Pittas family’s Friends Investment Co. to sell 719,425 shares of common stock raising $1m.

“This investment evidences our main shareholder’s support and confidence in the prospects and strategy of our company and further strengthens our balance sheet, and will assist us in pursuing our fleet renewal plans,” Pittas added.

Including the newly acquired vessel, Euroseas has a fleet of 14 vessels made up of six dry bulk vessels and eight feeder containerships.

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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