Euroseas Sells Its Final Bulker to Focus on Feeders

ContainershipIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Greek shipowner Euroseas handed over its final drybulk vessel, the M/V Monica P, to the ship’s new owner on June 28.

The 1998-built ship was put up for sale on March 31, 2018, and was finally sold at a price of USD 6.45 million.

With the delivery of the 46,667 dwt ship, Euroseas’ fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 TEU making the company the sole US-listed feeder containership company.

“We are pleased to announce the delivery of our last drybulk vessel to its buyers. This sale marks the completion of the separation of our containership and drybulk fleets following the spin-off of our other six drybulk vessels in a separate US-listed public company, EuroDry Ltd, on May 30, 2018,” Aristides Pittas, Chairman and CEO of Euroseas, said.

“We can now pursue growing Euroseas as a pure container company focused on feeder containerships, a sector with very strong fundamentals as the orderbook to fleet ratio is near the lowest levels of the last 20 years and demand growth prospects appear strong,” Pittas added.

Furthermore, based on recent filings made with the Securities and Exchange Commission, the company informed that its shareholder Friends Investments Inc (FIC) has purchased 275,309 common shares of the company in the open market for a total of 4,033,004 common shares, or approximately 35.8% of Euroseas’ outstanding common shares.

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