Euroseas Ltd. has announced that its wholly owned subsidiary, Euroholdings Ltd., sold M/V Diamantis P, a 2,008 TEU feeder containership vessel constructed in 1998, for about $13.15 million.
The vessel was transferred to its new owners, an unaffiliated third party, on 15 January 2025.
Aristides Pittas, Chairman and CEO of Euroseas, said: “We are pleased to announce the sale of
M/V Diamantis P for a price of more than $13 million which we considered attractive compared to employment scenarios for the vessel at prevailing market rates until the vessel’s next drydocking in October 2026 at which time the vessel would be 28 years old.
“The vessel was delivered to its buyers today upon completion of minor repairs she underwent after the expiry of its previous charter. We expect to record a gain on sale of approximately $10.2 million, or about $1.45 per share.
“The company that owns M/V Diamantis P is one of our subsidiaries contributed to Euroholdings, a spin-off of the three oldest vessels of Euroseas that we announced recently. Euroholdings plans to use the proceeds from the sale of M/V Diamantis P to advance its strategy of consolidating older vessels and trying to maximise the value realised. The very fact of the sale of M/V Diamantis P instead of pursuing employment options is a testament of executing this strategy.”
In November 2024, Euroseas Ltd. announced new time charter contracts for its 2001-built 2,556 TEU feeder containerships EM Corfu and Evridiki G.
More recently, Euroseas confirmed a new charter for its older and smaller feeder containership, the M/V Aegean Express.
