Euroseas Announces Acquisition of Container Feeder Vessel

By Vessels

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced yesterday that it signed a memorandum of agreement to purchase the M/V EM Astoria, a feeder size containership vessel of 2,788 teu built in 2004.

Euroseas Announces Acquisition of Container Feeder Vessel
Caption: Container ship EM Astoria - Image courtesy: Viktor/Shipspotting

The vessel is to be acquired at market price from Euromar LLC, the Company's joint venture with two private equity firms. The agreement to acquire the vessel includes 100% bank financing and a profit share agreed with the bank. The vessel is expected to be delivered to the Company in June 2017.

Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to proceed with the acquisition of EM Astoria which increases our fleet in the containership feeder sector and is accretive to our shareholders. We remain optimistic that both the containership and drybulk sectors will keep improving in the near and medium term and we continue positioning our assets to take advantage of such developments."

Source: Euroseas