EuroHoldings, the Nasdaq-listed subsidiary of Greek container ship owner Euroseas, has taken its first step into the tanker market with the acquisition of an MR products carrier from the Latsis family company, Latsco Shipping.
The 2015-built, 49,997 dwt Avatar Hellas will change hands for $31.83 million and is scheduled for delivery in mid-November 2025. The purchase will be financed through a combination of debt and equity.
The deal marks EuroHoldings’ formal move away from the container ship sector, following its acquisition by Marla Investments another entity controlled by the Latsis family, earlier this year.
“We are very pleased to announce the acquisition of our first tanker, a modern MR vessel built in 2015, marking our previously announced decision to pivot to the tanker sector,” said Aristides Pittas, chairman and chief executive of EuroHoldings, adding that the company believes the move “comes at an opportune time as the fundamentals for the products tanker remain strong.”
EuroHoldings was created in March 2024 by Euroseas to house three of its ship-owning subsidiaries and currently owns two feeder container ships: the 1,439 teu Aegean Express built in 1997 and the 1,732 teu Joanna built in 1999.
The company revealed plans to diversify into tankers in August, shortly after Marla Investments became its majority owner. Meanwhile, seller Latsco has also recently taken steps to expand its MR fleet with up to four newbuildings at K Shipbuilding in South Korea, with delivery scheduled for 2027 and 2028.
Greece
