Aristides Pittas, chairman and chief executive of Euroseas and Eurodry explains in an exclusive interview to Capital Link the strategy behind the spinoff of its dry bulk fleet into a separate listed entity. The new company is called Eurodry and it will initially own six bulk carriers, three of which are eco vessels that were ordered and built to company’s specifications. In the interview with Lambros Papaeconomou, US Correspondent for Lloyd’s List, Mr. Pittas explains why the time is now right:
- To offer to capital markets two pure-play products, including the only US-listed feeder containership company,
- To play offensively and capitalize on fast global economic growth and good shipping market prospects over the next two to three years,
- To increase the valuations of both companies to what they ought to be based on their current net asset value,
- To further grow their intrinsic value through mergers with other shipping companies, once the company’s share reflects its NAV.
- To be a consolidator in a fragmented industry, capitalizing on management’s expertise and best in class corporate management business practices.
- Mr Pittas also offered his views on how the industry copes with the implementation of regulatory reform, including the adoption of the new IMO emission standards in 2020.
For additional information please visit: http://www.euroseas.gr and http://www.eurodry.gr/.
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