ECONOMY

Pittas enters Nasdaq

Euroseas is the latest Greek-owned shipping company to be preparing its listing on the Nasdaq market of the New York Stock Exchange. The bulker and container ship company owned by the Pittas family will see the process completed by the month’s end, according to the industry publication TradeWinds. The firm has agreed to purchase the already listed but inactive US company Cove Apparel and will enter the market through that. Ahead of its New York listing, Euroseas has developed strong activity in the used ship market in order to strengthen its fleet. It recently confirmed the purchase of Sea Arrow, a container ship with a capacity of 2,098 teu, built in 1987 and bought for $20.65 million. The company now owns three container ships and five bulkers. The company’s Chief Financial Officer Anastassios Aslidis also revealed that Euroseas is in talks to buy more ships, and for additional bank funding of $15.5 million.

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