Pittas Scraps Ship one Month after Purchase

Euroseas looks to have scrapped a feeder containership less than one month after taking ownership of the vessel.

News ID: 71837

Date: 24 January 2017 - 12:25

According to MANA, the Aristides Pittas confirmed in a statement after the close of trading in the US that it had sold the 1,645-teu RT Dagr (built 1998) for demolition.

The US-listed bulker and containership owner only took delivery of the Thyssen Nordsee-built vessel in late December.

Euroseas said it would receive net sale proceeds of about $2.1m from the sale of the vessel which is expected to be handed over to the breakers early next month.

The ship was acquired in December after Euroseas paid the ship's owner with 900,000 shares through Tennenbaum Capital Partners, a holder of the company’s stock.

According to Clarksons, the RT Dagr was previously owned by Germany’s Konig & Cie.

Separately, Euroseas said it had also drawn down a $10.86m loan to finance the recent acquisition of the ultramax bulker Alexandros P (built 2016), which was delivered last week.

“As the Alexandros P was already fully paid with cash on hand, the proceeds from the loan as well as those from the sale of RT Dagr, provide us with significant additional liquidity and "fire power" for our growth plans,” said chief executive Aristides Pittas.