EuroHoldings Ltd. announced that it has signed a Memorandum of Agreement (MoA) to acquire a 49,997 DWT product tanker vessel, M/T Hellas Avatar, built in 2015 in South Korea, from an affiliated party. The vessel will be purchased for $31.83 million, with delivery expected in mid-November 2025.
An independent committee of disinterested directors was formed to evaluate and approve the transaction, which will be financed through a combination of conventional debt and equity.
“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,” said Aristides Pittas, Chairman and CEO of EuroHoldings.
This acquisition marks a strategic milestone for EuroHoldings as it expands into the tanker market, strengthening its fleet diversification and long-term growth strategy.
