In a move familiar to many New York-listed Greek shipping companies, Euroseas has announced plans to spin-off the company’s dry bulk fleet.
EuroDry will be the name of the company, which will be listed on the NASDAQ Capital Market.
Chairman and CEO Aristides Pittas said having separate drybulk and containership investment options gives shareholders the flexibility to adjust their holdings between the two sectors.
“We also anticipate that the creation of sector-focused companies will allow the capital markets to appreciate the value that our public platforms can create as consolidators in their respective fields,” Pittas said. “We plan to take advantage of growth opportunities in each of the two sectors to increase the size of each respective company as we believe that they are both well positioned to do so both in terms of their capital structure and their contract mix.”
After the spin-off is completed, EuroDry will own a fleet of six vessels made up of three panamaxes, two kamsarmaxes, and an ultramax while Euroseas will own eleven feeder boxships.