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Euroseas may split bulk and box fleets

Euroseas may split bulk and box fleets
Investors' preference for pure play companies may lead Euroseas to separate its container and dry bulk fleets.

Speaking at Marine Money in London yesterday, Symeon Pariaros, chief administrative officer of Euroseas told delegates, "Personally I think that diversified company with exposure in more than one sector is a more sustainable way to grow," although since becoming a public company, it seems investors "don't really like that".

Euroseas currently has a fleet of five dry bulk vessels on the water, with four more due for delivery in 2015 and 2016, and 10 container ships ranging from 1,169 teu to 2,556 teu.

"They [investors] want to place their bets on the sector, not on the company," Pariaros continued, "when our size permits we may look to separate our fleets."

No mention was made of what size the company's fleet would need to reach before the split might be considered.