Euroseas to spin-off vintage container ship trio into separate company

Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas said on Friday that it will spin-off the company’s older three vessels into a separate company, Euroholdings Ltd., which has applied for listing on the Nasdaq capital market.

The planned move concerns the 1,439-teu Aegean Express (1997-built), the 2,008-teu Diamantis P (1998-built) and the 1,732-teu Joanna (1999-built).

The owner will contribute the three vessels to Euroholdings in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders.

However, Euroseas clarifies that there can be no assurance that the spin-off transaction will ultimately occur and if it does occur what its structure, terms or timing will be.

“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 returns,” said Aristides Pittas, chairman and CEO of Euroseas.

“The increased market and operational risks associated with older vessels are mitigated by the fact that the three first Euroholdings vessels are currently unlevered, two of the