Euroseas Ltd. Announces the Sale of its 1998-built 2,008 teu Feeder Containership, M/V Diamantis P

Core Viewpoint - Euroseas Ltd. has successfully sold its vessel M/V Diamantis P for approximately $13.15 million, which is seen as an attractive price compared to potential employment scenarios for the vessel until its next drydocking in October 2026 [1][2]. Company Strategy - The proceeds from the sale of M/V Diamantis P will be utilized by Euroholdings Ltd. to advance its strategy of consolidating older vessels and maximizing realized value [3]. - The sale reflects the execution of Euroseas' strategy to divest older vessels rather than pursuing employment options [3]. Financial Impact - Euroseas expects to record a gain on the sale of M/V Diamantis P of approximately$10.2 million, equating to about $1.45 per share [2]. Fleet Profile Changes - Following the sale of M/V Diamantis P and the planned spin-off of Euroholdings, the fleet profile of Euroholdings Ltd. will consist of two older vessels, while Euroseas will retain a more modern fleet [5][6]. - Euroseas currently operates a fleet of 24 vessels, including 17 feeder containerships and 7 intermediate containerships, with a total cargo capacity of 70,665 TEU [10]. Spin-off Details - Euroseas plans to spin off three subsidiaries, including Euroholdings, which will be distributed to shareholders in exchange for 100% of the shares of Euroholdings [4]. - Euroholdings has applied for listing on the NASDAQ Capital Market, although the completion of the spin-off is not guaranteed [4].