Tennenbaum, which had been an active shipping investor over the past year, is buying 25,000 convertible preferred shares in the Aristides Pittas-led owner.
A further 5,700 preferred shares are going to Euroseas affiliate Preferred Friends Investment Company to complete the $29m fund-raiser, a statement said.
Expansion ammunition
Pittas, chief executive of Euroseas, said: “This fundraising is part of our strategy to make investments in dry cargo vessels at what we believe is an opportune time in the market cycle and to renew our fleet as evidenced by the newbuilding orders for two ultramax bulkers we recently placed.
“We
