Euroseas has emerged as the buyer of Tri-Marine’s last vessel as the Aristides Pittas-led company sees potential in the panamax sector.
The Nasdaq-listed company has acquired the 75,100-dwt Capetan Tassos (built 2000) for $4.4m.
Euroseas said it expects to take delivery of the vessel in January 2017.
Tri-Marine bought the Capetan Tassos from Lykiardopulo as Amalia in 2012 for a reported $16.2m.
Chairman Aristides Pittas said: “We are very pleased to announce the acquisition of Capetan Tassos as we believe the sector is approaching a turning point after a long period of depressed rates.”
To facilitate the acquisition, Euroseas has secured a $2m loan from a Pittas-affiliated company.
Interest will be paid quarterly while there are no principal repayments until January 2018, when it matures.
With the latest acquisition, Euroseas’ fleet consists of six bulk carriers and seven containerships.
Earlier this month, the company announced that one 1999-built boxship had been laid up in Piraeus.
