Pittas adds financial ‘firepower’ to grow Euroseas fleet

Pittas adds financial ‘firepower’ to grow Euroseas fleet

Nasdaq-listed Greek owner has announced a drawdown notice under a $10.86m loan to finance the recent acquisition of Alexandros P, a newbuild ultramax dry bulk carrier that was delivered to the company on January 16, 2017.

The company also announced that it has entered into an agreement to sell for scrap the RT Dagr, a 1,645 teu feeder containership, built in 1998, for net sale proceeds of about $2.1m. The vessel is expected to be delivered to its buyers at the beginning of next month.

Aristides Pittas, chairman and CEO of Euroseas, said the two deals gave the company “significant additional liquidity and fire power” for its growth plans. “Over the last year or so, despite the very challenging market conditions, we have taken advantage of quality vessel investment opportunities at a low point in the market cycle for both the dry bulk and containership segments. We are looking forward to continuing executing on this strategy and benefitting from a potential market recovery in both sectors,” Pittas said in a statement.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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