Pittas nails tidy $6m profit from handymax flip

Pittas nails tidy $6m profit from handymax flip

Aristides Pittas has proved once again an adept asset player, flipping a handymax for a tidy $6.1m profit. The Euroseas boss bought the 2009-built Calypso Colossus in March last year for $8.3m. Since rechristened Eressos Luck, the 55,429 dwt bulker has now been sold to undisclosed interests for $14.4m.

Pittas has been very active buying and selling bulkers and boxships in the last 12 months for Nasdaq-listed Euroseas.

In January, he commented: “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.”

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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