Delay hits Euroseas" ship investment venture.
EUROSEAS" chief executive Aristides Pittas has said that the Nasdaq-listed company"s planned new investment vehicle with private equity partners has fallen behind schedule.
The closing of its agreement to form a new vehicle together with hedge fund Eton Park and private equity player Rhone Capital III, had been ?somewhat delayed?.
But Mr Pittas said he remained hopeful that the deal would close within the present financial quarter.
?If it concludes, we believe it will benefit our shareholders in a number of ways,? he said.
Euroseas has been looking at the containership markets as a great opportunity to invest in more modern vessels at historically low prices, and said it has been building its strategy over the last six months.
The joint venture with the two private investment firms was aimed at exploiting the opportunities it sees arising on a bigger scale.
The Athens based containership and bulker owner has pledged $25m for the venture, with its two partners looking at ploughing in up to $75m each.
In a conference call to discuss Euroseas" 2009 results, Mr Pittas did not elaborate on plans for the new fund but said the next acquisition for his company would ?probably? be in the container sector.
?We think that the container market may offer opportunities,? he said. ?We are looking at ships and inspecting ships as we speak, so we might be doing something there.?