Euroseas completes Euromar acquisitions, scraps feeder boxship

Greek owner Euroseas has announced that it has taken delivery of 5,600 teu post-panamax boxship Akinada Bridge, while also announcing the sale of 2,008 teu container feeder vessel Aggeliki P.

The delivery of Akinada Bridge completes a deal to buy four vessels from Euromar, a joint venture owned by Euroseas and two private equity firms. The vessel will go straight into a charter in the first week for February for 50-120 days at $11,250 per day.

With one vessel coming into the fleet, Euroseas has also let go of one vessel having sold the 1998-build container feeder vessel Aggeliki P. The 2,008 teu vessel was due a special survey and so instead sold for $4.6m. According to Marinetraffic the vessel is currently sitting off Alang waiting to be scrapped.

Aristides Pittas, chairman and CEO of Euroseas, commented: “We are very pleased to complete the present phase of our fleet growth and renewal program which, we believe, has positioned Euroseas to take advantage of the recovering shipping markets. For both drybulk and containership sectors, the orderbook-to-fleet ratio is near its lowest levels of the last two decades indicating minimal supply pressure over the next couple of years. Maintenance of the present market levels should return Euroseas to profitability while any strengthening of the charter rates should provide significant upside to our shareholders and, we hope, also reduce the significant discount to net asset value our stock trades at. We continue to pursue accretive growth opportunities and, as we have stated, consider mergers with other fleets either on a combined fleet basis or separately for the drybulk or container vessels of our fleet.”

In October, Euroseas signed a non-binding letter of intent with compatriot owner Poseidon Container Holdings Group to explore a combination of their containership fleets.

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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