Euroseas Expands Fleet with Feeder Ship

Greek ship owner and operator Euroseas Ltd. has signed a memorandum of agreement to purchase the EM Astoria, a 2004-built feeder-size containership.

Featuring a capacity of 2,788 TEUs, the vessel is to be acquired at market price from Euromar LLC, the company’s joint venture with two private equity firms.

The deal to acquire the vessel includes 100% bank financing and a profit share agreed with the bank. The boxship is expected to be handed over to Euroseas in June 2017.

“We are very pleased to proceed with the acquisition of EM Astoria which increases our fleet in the containership feeder sector and is accretive to our shareholders,” Aristides Pittas, Chairman and CEO of Euroseas, said.

“We remain optimistic that both the containership and drybulk sectors will keep improving in the near and medium term and we continue positioning our assets to take advantage of such developments,” Pittas added.

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