Euroholdings Ltd. announced on November 5, 2025 that it has signed a Memorandum of Agreement to purchase the 49,997‑DWT medium‑range product tanker M/T Hellas Avatar, a 2015‑built South Korean vessel. The purchase price is $31.83 million and delivery is expected in mid‑November 2025, adding a modern, efficient tanker to the company’s fleet.
The acquisition is the first step in Euroholdings’ announced pivot from its original container‑shipping focus to the product‑tanker sector. With the new vessel, the company’s fleet expands to three ships with a combined carrying capacity of 90,879 DWT. The move follows a March 2025 spin‑off from Euroseas Ltd. and a subsequent majority stake acquisition by Marla Investments Inc., an affiliate of the Latsis family that brings extensive tanker‑market experience to the board. The new majority ownership has been a key catalyst for the strategic shift, as it provides both the capital and industry expertise needed to compete in the medium‑range segment.
Euroholdings will finance the deal with a mix of conventional debt and equity. Prior to the transaction the company reported a debt‑to‑equity ratio of zero, backed by strong liquidity and a net income of $0.82 million in Q2 2025. The new debt will allow the company to scale its tanker operations while maintaining a solid balance sheet, positioning it to capture growth opportunities in a market that is expected to see moderate demand expansion but also fleet growth that could pressure rates.
Management has expressed optimism about the product‑tanker outlook, citing “strong fundamentals” in the medium‑range segment. Industry analysts, however, note that 2025 could bring headwinds from fleet expansion and geopolitical disruptions such as Red Sea shipping delays. Euroholdings’ choice of a relatively young, 2015‑built vessel with lower operating costs is intended to mitigate these risks and provide a competitive edge in a market where efficiency and reliability are increasingly valued.
The vessel is being purchased from an affiliated party, and an independent committee of directors has approved the transaction to ensure transparency and avoid conflicts of interest. The affiliation is disclosed to satisfy regulatory and governance standards, reinforcing the company’s commitment to ethical deal‑making.
Aristides Pittas, Chairman and CEO, said, “We are very pleased to acquire our first tanker, a modern MR vessel built in 2015, 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. Our Board and major shareholders are committed to growing Euroholdings into a significant publicly‑listed participant in the sector.”
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