Euroseas pockets $50m from sale of 20-year-old boxship

Greece’s Euroseas boxship owner, listed on Nasdaq stock market, led by Aristides Pittas has sealed a deal to offload the 6,350 teu intermediate containership Marcos V, built in 2005, to an unaffiliated third party, for $50m.

The vessel is scheduled to be delivered to its buyer in October 2025. The company said that it expects to recognize a gain on the sale in excess of $8.50m, or $1.20 per share.

Euroseas originally bought the vessel in the fourth quarter of 2021 for $40m, attached with a time charter contract at a rate of $42,000 per day for three years, plus a fourth year at the option of the charterer at $15,000 per day which was exercised.

Aristides Pittas, chairman and CEO of Euroseas, said: “We are pleased to announce our agreement to sell our M/V Marcos V for a total price consideration of $50m.

“M/V Marcos V, upon its delivery to its new owners in October 2025, will have generated exceptional returns to our shareholders, realizing more than five times our original equity investment.”

The company has a fleet of 22 vessels, including 15