Latsis-controlled Euroseas spinoff sets sights on product tankers

Euroholdings, a spinoff from Greek containership owner Euroseas, is making a strategic pivot towards the tanker sector. Following its acquisition by Marla Investments in June, the Nasdaq-listed company announced plans to invest primarily in the product segment. Chairman and CEO Aristides Pittas emphasized that this growth strategy will be gradually implemented over the coming months, targeting modern vessels.

Transitioning from Containerships to Tankers

Euroholdings was initially established with three older feeder boxships inherited from Euroseas. The company has already sold one of these vessels at a profit, signaling a proactive approach to asset management. The remaining two ships, the 1997-built Aegean Express and the 1999-built Joanna, are currently engaged in profitable charter agreements. These vessels are expected to remain operational for the majority of their remaining commercial lifespan.

Contracting Of Product Tankers Jump 337% In The First Half Of 2023

Pittas highlighted the robust market conditions for containerships, suggesting that the two remaining ships could potentially secure contract extensions beyond their current charters. This additional revenue would provide crucial support for Euroholdings as it transitions into the tanker market. The company’s strategic shift reflects a broader trend in the shipping industry, where firms are increasingly diversifying their portfolios to adapt to changing market dynamics.

As Euroholdings embarks on this new chapter, the focus on modern tankers could position the company for growth in a competitive sector. The leadership’s commitment to a gradual implementation of this strategy indicates a careful and calculated approach to expansion, aiming to leverage existing assets while exploring new opportunities in the tanker segment.