10:31 AM EST, 01/03/2025 (MT Newswires) -- Euroseas ( ESEA ) said Friday that the existing charter of its smaller feeder containership, M/V Aegean Express, has been extended for a minimum of 10 months and a maximum of 12 months at a rate of $16,700 per day.

Euroseas ( ESEA ) also said it plans to spin off its older three vessels, M/V Aegean Express, M/V Diamantis P and M/V Joanna, into a separate firm, Euroholdings, which has applied for listing on the Nasdaq Capital Market.

The company said it will contribute the vessels to Euroholdings in exchange for 100% of Euroholdings shares which it will then distribute to its shareholders.

Shares of Euroseas ( ESEA ) were down over 2% in recent trading.

Price: 36.52, Change: -0.83, Percent Change: -2.22