Recently, EuroHoldings, the listed subsidiary of Greek container ship owner Euroseas, completed its first tanker acquisition, officially entering the tanker market.
Specifically, the company purchased an MR product tanker from Latsco Shipping, which is owned by the Latsis family, marking the official expansion of its business scope from container ships to the tanker sector.
This tanker, named “Hellas Avatar”, was built by South Korea’s Hyundai Mipo in 2015, has a deadweight tonnage of 49,997 tons, and was acquired for a price of $31.83 million. The vessel is expected to be delivered in mid-November, with the transaction funded through a combination of debt and equity.
This acquisition is a significant step in EuroHoldings’ business transformation. Aristides Pittas, Chairman and CEO of EuroHoldings, stated: “We are very pleased to announce the acquisition of our first tanker. The addition of this modern MR tanker signifies the official launch of our strategic shift into the tanker market. The fundamentals of the product tanker market remain strong, and we believe this is an opportune time to enter.”
It is understood that EuroHoldings was established in March 2024, spun off from the Greek listed liner company Euroseas to hold three of its ship-owning subsidiaries. Currently, the company operates two feeder container ships—the “Aegean Express”, built in 1997, and the “Joanna”, built in 1999.
Earlier this year, Marla Investments, owned by the Latsis family, became the controlling shareholder of EuroHoldings. Subsequently, in August, EuroHoldings announced its intention to diversify its business into the tanker sector, and this acquisition is the first project realized under this strategy.
Meanwhile, the seller, Latsco Shipping, is also actively expanding its tanker fleet. The company recently placed an order for up to four new MR tankers at South Korea’s K Shipbuilding, which are expected to be delivered between 2027 and 2028.
