Euroseas has acquired a feeder containership in exchange for the company’s common stock while chairman Aristides Pittas has provided a $1m cash injection.
The Nasdaq-listed company has added the 1,645-teu RT Dagr (built 1998) to its fleet, bringing its tally to 14 ships.
Instead of cash or debt, Euroseas will pay RT Dagr’s owner with 900,000 shares through Tennenbaum Capital Partners, a holder of the company’s stock.
According to Clarksons, the RT Dagr was previously owned by Germany’s Konig & Cie.
The vessel will be delivered to Euroseas later this month.
CEO Pittas said: “This acquisition not only further positions the company to benefit from a potential increase in the containership market after a long period of depressed rates, but also underlines the company’s strategy and ability to act as a consolidator of tonnage in the feeder containerships sector.”
This addition follows the acquisition of a 75,100-dwt bulk carrier from compatriot Tri-Marine last month.
Pittas buys more shares
Meanwhile, Euroseas has sold 719,425 shares to Pittas-affiliated Friends Investment at $1.39 each.
This transaction will bring total proceeds of $1m to the Greek bulker and boxship owner.
Pittas added: “This investment evidences our main shareholder’s support and confidence in the prospects and strategy of our company and further strengthens our balance sheet and will assist us in pursuing our fleet renewal plans.”
Following the announcement of the latest developments, shares in Euroseas took flight and jumped 68% to $2.30 each.
