Euroholdings, a spinoff of Greek containership owner Euroseas, has decided to shift its focus to the tanker sector.
The Nasdaq-listed outfit, taken over by the fellow Latsis family’s Marla Investments in June, said in its earnings report that it will initially pursue investments in the product segment.
“Over the next several months, we will be gradually implementing this growth strategy targeting modern vessels,” noted Aristides Pittas, chairman, president and CEO of Euroholdings.
The company was formed with three older feeder boxships from Euroseas, of which one was sold earlier at a profit.
The remaining vessels, the 1997-built 1,439 teu Aegean Express (pictured) and the 1999-built 1,732 teu Joanna, continue to trade under “profitable charter deals” and are expected to stay active for most of their remaining commercial life.
Pittas noted that the strong market for containerships may allow the remaining two ships to secure extensions beyond their current employment, providing additional revenue to support the company’s move into tankers.
