Latsis family entry steers Euroholdings toward MR tanker market

As previously reported by Riviera, in late June, Euroholdings – a Nasdaq-listed spin-off created by Aristides Pittas-led Euroseas – saw shareholders affiliated with the Pittas family agree to sell 51.04% of the company’s outstanding common shares to Marla Investments, an entity controlled by the Latsis family.

In its Q2 2025 earnings release, Euroholdings announced its board has decided to focus on the tanker sector and, initially, pursue a modern MR product tanker investment.

The Latsis family brings extensive experience in the tanker market, with its shipowning arm Latsco operating a substantial fleet and orderbook.

“Over the next several months, we will be gradually implementing this growth strategy targeting modern vessels,” said Euroholdings chairman, president, and chief executive Aristides Pittas.

On the company’s existing container ship exposure, Mr Pittas noted with market conditions remaining firm, Euroholdings’ feeder vessels could be rechartered beyond their current contracts, “enabling the execution of our growth plan in the product tanker sector.”

Mr Pittas added the Latsis family’s “combined financial strength and desire to grow will enable the company to deliver superior returns to all of its shareholders.”

Euroholdings currently operates two vessels: 1999-built Joanna and 1997-built Aegean Express.

Financial results

For Q2 2025, Euroholdings reported total net revenues of US$2.9M, down 28% year-on-year, mainly due to a reduced average fleet size. Net income for the quarter stood at US$0.8M, compared with US$2.3M in Q2 2024.

“As both our vessels have been profitably chartered, we are pleased to report results in line with expectations and to announce our second quarterly dividend, representing an annualised yield of about 8%,” Mr Pittas said.

Latsis family entry

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

According to official disclosures, the consideration for the 1.43M shares sold was approximately US$12.90 per share in cash. Marla Investments also agreed to make additional quarterly cash payments to the Pittas family, contingent on the continued employment of Joanna and Aegean Express beyond their minimum charter periods.

Following the acquisition, Euroholdings board members Aristides Pittas and Anastasios Aslidis resigned. They were replaced by (Paris Kassidokostas-Latsis-backed) Latsco shipping chief executive George Margaronis and chief financial officer Christos Triantafillidis.

Despite the ownership change, Pittas family led Eurobulk, Eurochart and affiliated entities will continue to provide executive, commercial, and technical management services to the company. Euroholdings’ current management team will remain in place.