EuroHoldings, the Nasdaq-listed offshoot of Greek containership owner Euroseas, has taken its first step into the tanker market with the acquisition of an MR product carrier from fellow Latsis family company Latsco Shipping.
The 2015-built, 49,997 dwt Hellas Avatar will change hands for $31.83m, with delivery scheduled for mid-November 2025. The purchase will be financed through a mix of debt and equity.
The deal marks EuroHoldings’ formal shift away from the containership sector, following its takeover by Marla Investments, another Latsis family-controlled entity, earlier this year.
“We are very pleased to announce the acquisition of our first tanker, a modern MR vessel built in 2015, marking our previously announced decision to pivot toward the tanker sector,” said Aristides Pittas, chairman and CEO of EuroHoldings, adding that the company believes the move “comes at an opportune time, as product tanker fundamentals remain strong”.
EuroHoldings was set up in March 2024 by Euroseas to hold three of its vessel-owning subsidiaries and currently owns two feeder containerships — the 1997-built 1,439 teu Aegean Express and the 1999-built 1,732 teu Joanna.
The company revealed plans to diversify into tankers in August, shortly after Marla Investments became its majority owner. Meanwhile, the seller Latsco has also recently made moves to expand its MR fleet with up to four newbuildings at K Shipbuilding in South Korea, with delivery expected in 2027 and 2028.
