EUROHOLDINGS, the Euroseas spin-off in which Greece’s Latsis family has acquired a majority stake, has posted a debut profit in its first quarterly set of results.

The newly formed Nasdaq-listed owner reported first-quarter net income of $11.1m, that was elevated by the sale of one of its initial fleet of three 1990s-vintage feeder vessels contributed from the Euroseas fleet.

The 1998-built, 2,008 teu Scooby 1 (IMO: 9146314) (formerly Diamantis P) was sold for further trading for a price of more than $13.1m, enabling the company to book a $10.2m gain.

As a result of the sale, revenues decreased to $2.9m compared with $3.8m in the same quarter of 2024 based on a carve-out of the same three vessels from Euroseas’ year-ago results.

Euroholdings’ remaining two feeders, the 1999-built Joanna (IMO: 9204477) and the 1997-built Aegean Express (IMO: 9138161), have been enjoying healthy market rates.

The company’s ships earned an average daily charter rate of $15,798 per vessel during the quarter, up by 7.3% from the average daily earnings during the same period of last year.

Euroholdings was spun off with its own Nasdaq listing three months ago to provide a vehicle for older boxships but also to explore other maritime opportunities outside the scope of Euroseas, that owns a fleet of more than 20 containerships including a significant number of newbuildings.

Earlier this week, Euroholdings unveiled an agreement that has seen a Latsis family affiliate, Marla Investments, acquire a 51% stake in the company, reducing share held by the previous majority-owning Pittas shipping family to 7.6%.

At an agreed price of $12.90 per share, the transaction was worth just over $18.5m.

Additional cash payments are linked to charter extensions for the company’s two container vessels.

In a related move, two members of the board resigned and were replaced by two new directors proposed by the purchasers.

The new board members are George Margaronis and Christos Triantafillidis, respectively chief executive and chief financial officer of the Latsis family’s main shipping vehicle, Latsco Shipping.

Margaronis, who also serves as vice president of Marla Investments, said that the Latsis family was “excited” about its first move related to the US public markets.

It was seen as complementary to “its other public and private investments in a variety of sectors and countries”.

Aristides Pittas, who remains chairman and chief executive of Euroholdings, said the deal was “a significant milestone in Euroholdings’ evolution as it marks a new beginning with a highly reputable and successful shipping sponsor as a shareholder of the company”.

His own family’s continued stake demonstrated “our conviction that this strategic decision is for the benefit of shareholders,” he said.

The Latsis group currently has two three-year-old feeder containerships under its own operation and it has been linked with interest in further orders in the sector.

In addition, the Marla brand has been used for occasional purchases of bulkers and tankers.