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  • Writer's pictureSynergy Marine

Synergy Holdings takes 10% stake in Euroseas

Source: Tradewinds By Michael Juliano

November 2019

Synergy Holdings has become one of Euroseas' top shareholders after its Synergy Marine sold almost its entire fleet to the New York-listed owner.

Synergy Marine, a ship management firm controlled by Synergy Holdings chairman Andreas Papathomas, offloaded four boxhips for $40m, leaving it with one such vessel.

Synergy Holdings has acquired 4.22 million Euroseas shares at $0.71 each for a 10.4% stake in the Aristides Pittas-led company, according to an SEC filing.

Papathomas, who is also a Synergy Marine director, has also obtained a seat on Euroseas' board of directors.

As part of the ship-buying transaction, Aristides Pittas-led Euroseas has agreed to use some of Synergy Marine's management services for the next three years.

Antigone is Synergy Holdings' sole shareholder, of which Papathomas is a beneficiary.

Containers shareholders Trust is Euroseas' top shareholder with a 58.7% stake, followed by Friends Investments, which owns 10.6%.

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