Euroseas Acquires Panamax Bulker

Posted On: 25-11-2016

Greek owner and operator of dry bulk and container vessels Euroseas has signed a memorandum of agreement (MOA) with its compatriot shipping company Tri-Marine Shipping to purchase the M/V Capetan Tassos, a Panamax dry bulk carrier for around USD 4.4 million.
The 75,100 dwt vessel, built at Japanese Hitachi shipyard in 2000, is expected to be delivered to Euroseas in January 2017.
The M/V Capetan Tassos, whose market value stands at USD 4.17 million, is the last vessel in Tri-Marine Shipping’s fleet, VesselsValue’s data shows.
In addition, Euroseas said it reached an agreement with a company affiliated with its CEO to draw a USD 2 million loan to finance working capital needs. Interest on the loan is payable quarterly, and there are no principal repayments until January 2018 when the loan matures, according to Euroseas.
“We are very pleased to announce the acquisition of M/V Capetan Tassos as we believe the sector is approaching a turning point after a long period of depressed rates. Furthermore, to facilitate the acquisition and provide additional working capital, we arranged for a short-term loan with an affiliated party; the loan was negotiated by an independent committee of our board of directors and carries what we believe to be better-than-market terms,” Aristides Pittas, Chairman and CEO of Euroseas, said.
Following the acquisition of M/V Capetan Tassos, Euroseas’ fleet will be comprised of 13 vessels, including four Panamax dry bulk carriers, one Handymax dry bulk carrier, one Kamsarmax dry bulk carrier, and seven feeder container ships.