Greek owner and operator of container vessels Euroseas announced the sale of the boxship Diamantis P, through its wholly owned subsidiary Euroholdings.
The vessel Diamantis P, a feeder ship with a capacity of 2,008 TEUs, built in 1998, was sold for approximately US$13.15 million. The vessel was delivered to an unaffiliated third party on 15 January 2025.
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 US$13 million which we considered attractive compared to employment scenarios for the vessel at prevailing market rates until the vessel’s next drydocking in October 2026 at which time the vessel would be 28 years old. The vessel was delivered to its buyers today upon completion of minor repairs she underwent after the expiry of its previous charter. We expect to record a gain on sale of approximately US$10.2 million, or about US$1.45 per share.”
Pittas added: “The company that owns M/V Diamantis P is one of our subsidiaries that 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 to executing this strategy.”
Meanwhile, Euroseas intends to spin-off three of its subsidiaries, two owning the company’s older two vessels, Aegean Express and Joanna, and the one that owned Diamantis P before the vessel was sold, into a separate company, Euroholdings Ltd., in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders. Euroholdings has applied for listing on the NASDAQ Capital Market.
