EuroHoldings has announced it has signed a memorandum of agreement to acquire its first tanker, the Hellas Avatar, for $31.83 million. The 49,997 DWT medium-range (MR) product tanker was built in South Korea in 2015 and is being acquired from an affiliated party. The vessel is expected to be delivered in mid-November 2025.
The company stated the acquisition will be financed with a combination of conventional debt and equity. An independent committee of directors was formed to evaluate and approve the transaction.
Aristides Pittas, Chairman and CEO of EuroHoldings, commented, “We are very pleased to announce the acquisition of our first tanker...marking our previously announced decision to pivot toward the tanker sector. We believe that this strategic move into the tanker sector comes at an opportune time in a period where the product tanker sector continues to demonstrate strong fundamentals.”
After the delivery of the product tanker, the company’s mixed fleet will consist of three vessels with a total carrying capacity of 90,879 DWT. EuroHoldings was incorporated in March 2024 by Euroseas to serve as the holding company for three of its vessel-owning subsidiaries.
