Euroseas announces the sale of its 1998-built 2,008 teu Feeder Containership, M/V Diamantis P
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 has sold M/V Diamantis P, a 2,008 teu feeder containership vessel, built in 1998, for approximately $13.15 million; the vessel was delivered to its new owners, an unaffiliated third party, on January 15, 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 $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 $10.2 million, or about $1.45 per share.
“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 100% of the shares of Euroholdings which it will then distribute to its shareholders. Euroholdings has applied for listing on the NASDAQ Capital Market. There can be no assurance that the spin-off transaction will ultimately occur or, if it does occur, what its structure, terms or timing will be.
