Euroseas has acquired German-built 1,645teu feeder containership RT Dagr from Tennenbaum Capital Partners, a Euroseas shareholder, for around 900,000 shares of the company's common stock.

The vessel is set to be delivered before the year-end.

Aristides Pittas, chairman and CEO of Euroseas, commented, "We are very pleased to announce the acquisition of M/V RT Dagr for common stock. This acquisition not only further positions the company to benefit from a potential increase in the containership market after a long period of depressed rates, but also underlines the company's strategy and ability to act as a consolidator of tonnage in the feeder containership sector."

Euroseas says it has also inked an agreement with the Pittas family's Friends Investment Co. to sell 719,425 shares of common stock raising US$1m.

Pittas added, "This investment evidences our main shareholder's support and confidence in the prospects and strategy of our company and further strengthens our balance sheet, and will assist us in pursuing our fleet renewal plans."