Euroseas cashes in on 20-year-old post-panamax boxship

Greek containership owner Euroseas is set to lock in a strong return by selling a 20-year-old post-panamax vessel acquired less than four years ago.

The Nasdaq-listed company has offloaded the 2005 Koyo Dock-built 6,350 teu Marcos V to an undisclosed, unaffiliated buyer for $50m.

Euroseas originally bought the ship in November 2021 from Japanese owner Tokei Kaiun for $40m. That deal also included a three-year charter with Maersk at $42,000 per day, plus an optional one-year extension at a $15,000 dayrate.

The company said the sale and delivery are expected to close in October, with a gain of more than $8.50m, or about $1.20 per share.

“Marcos V, upon its delivery, will have generated exceptional returns to our shareholders, realising more than five times our original equity investment,” said Aristides Pittas, chief executive and chairman of Euroseas.

The Athens-based tonnage provider, established in 2005, will, following the sale, count a fleet of 21 boxships on the water and a pair of 4,300 teu newbuilds delivering in 2027.