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Fri, Jan

Euroseas offloads vintage boxship for $13.15m, expects $10.2m gain

Hellenic Shipping News

Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas said on Thursday that its wholly owned subsidiary

The post Euroseas offloads vintage boxship for $13.15m, expects $10.2m gain

Euroseas cashes better rate with newbuild boxship charter deal

Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas said on Thursday that its wholly owned subsidiary, Euroholdings has sold the 2,008 teu feeder containership vessel Diamantis P.

The owner sold the boxship, built in 1998, for around $13.15m and it was delivered to its new owners, an unaffiliated third party, on January 15.

The company now expects to record a gain on the sale of approximately $10.2m, or about $1.45 per share.

Meanwhile, earlier this month Euroseas said that it will spin-off the company’s older three vessels, the 1,439-teu Aegean Express (1997-built), the 1,732-teu Joanna (1999-built) and the now-sold 2,008-teu Diamantis P (1998-built) into a separate company, Euroholdings Ltd., which has applied for listing on the Nasdaq capital market, in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders.

However, Euroseas clarifies that there can be no assurance that the spin-off transaction will ultimately occur and if it does occur what its structure, terms or timing will be.

“As previously announced, the company intends to spin-off three of its subsidiaries, two owning

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