Euroholdings makes product tanker debut, acquiring MR from Latsis family’s Latsco

The US-listed owner announced it has signed a memorandum of agreement (MoA) to acquire 2015-built, 49,997-dwt Hellas Avatar from an affiliated party, Paris Kassidokostas-Latsis-backed Latsco Shipping.

The vessel will be purchased for US$32M, with delivery scheduled for mid-November 2025. The acquisition will be financed through a combination of conventional debt and equity.

Euroholdings chairman and chief executive Aristides Pittas said the transaction marks the company’s previously announced decision to pivot toward the tanker sector.

“We believe this strategic move into the tanker sector comes at an opportune time, as the product tanker market continues to demonstrate strong fundamentals. Our board and major shareholders are committed to growing Euroholdings into a significant publicly listed participant in the sector,” Mr Pittas said.

Strategic shift

In its Q2 2025 earnings release, Euroholdings announced that its board had decided to focus on the tanker sector and, initially, to pursue investments in modern MR product tankers. The company currently operates two feeder vessels, and management previously suggested these could be rechartered beyond their existing contracts.

Euroholdings, which was spun off from Aristides Pittas-led Euroseas, announced over the summer that shareholders affiliated with the Pittas family had agreed to sell 51.04% of the company’s outstanding common shares to Marla Investments, an entity controlled by the Latsis family.

The Latsis family’s investment in Euroholdings marks its first transaction in the US public markets.