Nasdaq-listed EuroHoldings has signed a memorandum of agreement to acquire a medium-range (MR) product tanker vessel with capacity of 49,997-dwt, built in 2015 in South Korea, from an affiliated party.

The Hellas Avatar will be purchased for a price of $31.83m, with delivery expected in mid-November 2025.

As informed, an independent committee of disinterested directors was formed to evaluate and approve the transaction.

The acquisition will be financed with a combination of conventional debt and equity. 

Aristides Pittas, chairman and CEO of EuroHoldings, said: “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 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.”

The company was incorporated by Nasdaq-listed Euroseas to serve as the holding company of three of its vessel-owning subsidiaries.

The shares of EuroHoldings were distributed to Euroseas shareholders on March 17, 2025.

EuroHoldings’s operations are managed by Eurobulk Ltd., an affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels.

The company has a fleet of two feeder containership vessels with a cargo capacity of 40,882-dwt, or 3,171-teu. After the delivery of the first product tanker in November 2025, Euroholdings’ mixed fleet will consist of 3 vessels with a total carrying capacity of 90,879-dwt.