Euroseas, a US-listed owner of 27 boxships, said on Friday it will spin off its three oldest vessels into a separate Nasdaq entity to be called Euroholdings that may serve as a consolidation vehicle for vintage tonnage.
The planned move concerns the 1,439-teu Aegean Express (built 1997), the 2,008-teu Diamantis P (built 1998) and the 1,732-teu Joanna (built 1999).
Euroseas chief executive, chairman and principal Aristides Pittas said: “We firmly believe that under the right circumstances, there is considerable value in the current environment in continuing to trade older well-maintained vessels, rather than selling them, as these can ultimately generate higher...
