Euroseas spinoff offloads vintage boxship 

Euroholdings, a recently announced three-ship spinoff and subsidiary of Nasdaq-listed Greek containership owner Euroseas, has already offloaded one of its vessels.

Aristides Pittas-led Euroseas said the 1998-built 2,008 teu Diamantis P had been sold and delivered to an undisclosed buyer for $13.15m. The ship was handed over on a charter-free basis and after completion of minor repairs.  

The deal will bring in a profit of about $10.2m, or about $1.45 per share, and the proceeds will be used by Euroholdings to “advance its strategy of consolidating older vessels and trying to maximise the value realised”.

Pittas said the sale price was attractive compared to employment scenarios for the vessel at prevailing market rates until the vessel’s next drydocking in October 2026.

Earlier this month, Euroseas committed the 1997-built 1,439 teu Aegean Express the 1999-built 1,732 teu Joanna, and the now-sold Diamantis P to Euroholdings in exchange for 100% of the shares in the company, which will be distributed to its shareholders. The company has applied to begin trading on the Nasdaq.