Euroseas Ltd. Announces the Sale of its 1998-built 2,008 teu Feeder Containership, M/V Diamantis P
Euroseas (NASDAQ: ESEA) has announced the sale of its feeder containership M/V Diamantis P for approximately $13.15 million. The 2,008 TEU vessel, built in 1998, was delivered to an unaffiliated third party on January 15, 2025. The company expects to record a gain of about $10.2 million, or $1.45 per share from the sale.
The vessel was part of Euroholdings, a planned spin-off entity that will include three of Euroseas' oldest vessels. Euroholdings will use the sale proceeds to advance its strategy of consolidating older vessels. After the spin-off and sale, Euroholdings will retain two vessels: M/V Joanna and M/V Aegean Express, while Euroseas will maintain its fleet of modern containerships.
Euroseas (NASDAQ: ESEA) ha annunciato la vendita della sua nave portacontainer M/V Diamantis P per circa 13,15 milioni di dollari. La nave da 2.008 TEU, costruita nel 1998, è stata consegnata a una terza parte non affiliata il 15 gennaio 2025. L'azienda prevede di registrare un guadagno di circa 10,2 milioni di dollari, ovvero 1,45 dollari per azione dalla vendita.
La nave faceva parte di Euroholdings, una prevista entità di spin-off che includerà tre delle navi più vecchie di Euroseas. Euroholdings utilizzerà i proventi della vendita per avanzare nella sua strategia di consolidamento delle navi più vecchie. Dopo lo spin-off e la vendita, Euroholdings manterrà due navi: M/V Joanna e M/V Aegean Express, mentre Euroseas manterrà la sua flotta di moderne navi portacontainer.
Euroseas (NASDAQ: ESEA) ha anunciado la venta de su buque portacontenedores M/V Diamantis P por aproximadamente 13.15 millones de dólares. El buque de 2,008 TEU, construido en 1998, fue entregado a un tercero no afiliado el 15 de enero de 2025. La empresa espera registrar una ganancia de aproximadamente 10.2 millones de dólares, o 1.45 dólares por acción a partir de la venta.
El buque formaba parte de Euroholdings, una entidad de escisión planeada que incluirá tres de los buques más antiguos de Euroseas. Euroholdings utilizará los ingresos de la venta para avanzar en su estrategia de consolidar buques más antiguos. Tras la escisión y la venta, Euroholdings retendrá dos buques: M/V Joanna y M/V Aegean Express, mientras que Euroseas mantendrá su flota de buques portacontenedores modernos.
유로시스 (NASDAQ: ESEA)는 약 1315만 달러에 화물선 M/V Diamantis P를 판매했다고 발표했습니다. 1998년에 건조된 2,008 TEU의 이 선박은 2025년 1월 15일에 비연관된 제3자에게 인도되었습니다. 이 회사는 판매로 인해 약 1020만 달러의 이익, 즉 주당 1.45달러를 기록할 것으로 예상하고 있습니다.
이 선박은 유로시스의 가장 오래된 세 척을 포함할 예정인 계획된 분사 엔터티인 유로홀딩스의 일부분이었습니다. 유로홀딩스는 판매 수익을 사용하여 오래된 선박을 통합하는 전략을 추진할 것입니다. 분사 및 판매 후 유로홀딩스는 M/V Joanna와 M/V Aegean Express의 두 척을 보유하게 되며, 유로시스는 현대적인 컨테이너 선박의 함대를 유지할 것입니다.
Euroseas (NASDAQ: ESEA) a annoncé la vente de son porte-conteneurs M/V Diamantis P pour environ 13,15 millions de dollars. Le navire de 2 008 EVP, construit en 1998, a été livré à un tiers non affilié le 15 janvier 2025. L'entreprise s'attend à enregistrer un gain d'environ 10,2 millions de dollars, soit 1,45 dollar par action provenant de la vente.
Le navire faisait partie d'Euroholdings, une entité de spin-off prévue qui inclura trois des plus anciens navires d'Euroseas. Euroholdings utilisera les produits de la vente pour faire avancer sa stratégie de consolidation des navires plus anciens. Après le spin-off et la vente, Euroholdings conservera deux navires : M/V Joanna et M/V Aegean Express, tandis qu'Euroseas maintiendra sa flotte de porte-conteneurs modernes.
Euroseas (NASDAQ: ESEA) hat den Verkauf seines Feeder-Containerschiffs M/V Diamantis P für etwa 13,15 Millionen Dollar angekündigt. Das 2.008 TEU große Schiff, das 1998 gebaut wurde, wurde am 15. Januar 2025 an einen nicht verbundenen Dritten übergeben. Das Unternehmen rechnet mit einem Gewinn von etwa 10,2 Millionen Dollar, das sind 1,45 Dollar pro Aktie aus dem Verkauf.
Das Schiff war Teil von Euroholdings, einer geplanten Abspaltungs-Entity, die drei der ältesten Schiffe von Euroseas umfassen wird. Euroholdings wird die Erlöse aus dem Verkauf nutzen, um seine Strategie zur Konsolidierung älterer Schiffe voranzutreiben. Nach der Abspaltung und dem Verkauf wird Euroholdings zwei Schiffe behalten: M/V Joanna und M/V Aegean Express, während Euroseas seine Flotte moderner Containerschiffe beibehalten wird.
- Sale of aging vessel for $13.15 million, generating $10.2 million profit ($1.45 per share)
- Strategic divestment before vessel reaches 28 years old and requires drydocking
- Successful execution of fleet modernization strategy
- Reduction in fleet capacity by 2,008 TEU
- Loss of potential charter revenue from vessel operations
Insights
The sale of M/V Diamantis P for
The sale aligns with Euroholdings' strategy of maximizing value from older vessels. With container shipping rates experiencing volatility and increased operating costs for aging vessels, the
For context, this move positions both Euroseas and the upcoming Euroholdings spin-off more favorably - Euroseas maintains a modern fleet profile while Euroholdings gains immediate liquidity to execute its consolidation strategy.
The divestment of the 1998-built vessel reflects broader industry trends toward fleet modernization and efficiency optimization. At 27 years old, M/V Diamantis P was approaching the typical end of commercial life for container vessels, where operating costs and environmental compliance requirements become increasingly challenging. The 2,008 TEU capacity positions this vessel in the feeder segment, which faces growing competition from newer, more fuel-efficient vessels.
The timing of this sale is particularly strategic given the current market dynamics. With the container shipping sector experiencing rate normalization after the pandemic boom, older vessels typically face harder competition for premium charters. The decision to sell now, rather than operate until the 2026 drydocking when the vessel would be 28 years old, helps avoid potential technical obsolescence and increasing maintenance costs.
ATHENS, Greece, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today that its wholly owned subsidiary, Euroholdings Ltd. (“Euroholdings”) has sold M/V Diamantis P, a 2,008 teu feeder containership vessel, built in 1998, for approximately
Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are pleased to announce the sale of M/V Diamantis P for a price of more than
“The company that owns M/V Diamantis P is one of our subsidiaries contributed to Euroholdings, a spin-off of the three oldest vessels of Euroseas that we announced recently. Euroholdings plans to use the proceeds from the sale of M/V Diamantis P to advance its strategy of consolidating older vessels and trying to maximize the value realized. The very fact of the sale of M/V Diamantis P instead of pursuing employment options is a testament of executing this strategy.”
Euroholdings Spin-off
As previously announced, the Company intends to spin-off three of its subsidiaries, two owning the Company’s older two vessels, M/V Aegean Express and M/V Joanna and the one that owned M/V Diamantis P before the vessel was sold, into a separate company, Euroholdings Ltd., in exchange for
Fleet Profile:
After the spin-off and the sale of Diamantis P, the Euroholdings Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | |
| Container Carriers | |||||||
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until Mar-26, then until Sep-26, then until Nov-26 | ||
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Nov-25 | ||
| Total Container Carriers on the Water | 2 | 40,882 | 3,171 | ||||
Notes: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; period to Nov-2026 is at the option of the charterer.
After the spin-off of Euroholdings Ltd., the Euroseas Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | |
| Container Carriers | |||||||
| MARCOS V(*) | Intermediate | 72,968 | 6,350 | 2005 | TC until Aug-25 | ||
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-27 | ||
| SYNERGY ANTWERP(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until Mar-25 | ||
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | ||
| SYNERGY KEELUNG(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until Apr-25 | ||
| EMMANUEL P(*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Apr-25 | ||
| RENA P(*) | Intermediate | 50,796 | 4,250 | 2007 | TC until Apr-25 | ||
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-26 | ||
| GREGOS(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Apr-26 | ||
| TERATAKI(*) | Feeder | 37,237 | 2,800 | 2023 | TC until Jul-26 | ||
| TENDER SOUL(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Oct-27 | ||
| LEONIDAS Z(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | ||
| DEAR PANEL | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | ||
| SYMEON P | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | ||
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Feb-25 then until Apr-26 | ||
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Feb-25 then until Aug-26 | ||
| STEPHANIA K(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-26 | ||
| MONICA(*) | Feeder | 22,262 | 1,800 | 2024 | TC-until May-25 | ||
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | ||
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | ||
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-25 | ||
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until Mar-25 | ||
| Total Container Carriers on the Water | 22 | 849,404 | 67,494 | ||||
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment | TCE Rate ($/day) |
| ELENA (H1711) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| NIKITAS G (H1712) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| Total under construction | 2 | 110,400 | 8,600 |
Notes:
(*)TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**) Rate is net of commissions (which are typically 5
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the container shipping market. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 24 vessels, including 17 Feeder containerships and 7 Intermediate containerships. Euroseas 24 containerships have a cargo capacity of 70,665 teu. After the delivery of the two intermediate containership newbuildings in 2027, Euroseas’ fleet will consist of 26 vessels with a total carrying capacity of 79,265 teu.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.euroseas.gr
| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: euroseas@capitallink.com |
FAQ
How much did Euroseas (ESEA) sell the M/V Diamantis P vessel for?
What is the expected profit from ESEA's sale of M/V Diamantis P?
What is happening with ESEA's Euroholdings spin-off?
How many vessels will remain in Euroholdings after the M/V Diamantis P sale?
When was the M/V Diamantis P vessel delivered to its new owners?
