Euroseas looks to merge container fleet with Poseidon

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

Piraeus-based Poseidon, founded by Technomar owner George Giouroukos, owns and operates a fleet of 16 container vessels while Euroseas has 12 vessels in its container fleet.

Euroseas says a possible combination may include a spinoff of its container assets into a standalone company separating it from the company’s dry bulk fleet.

“Euroseas’ strategy is to use its operating expertise and public company status to provide a platform of consolidation for similar assets in the drybulk and containership sectors. This strategy may be implemented by separating Euroseas’ drybulk and containership fleets into two public companies, if the Board of Directors determines that such a split would benefit Euroseas’ shareholders, particularly if it may also facilitate Euroseas’ consolidation strategy,” the company said in a statement.

Any combination with Poseidon would be likely be done on a net asset value to net asset value basis.

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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