Business
EuroDry Ltd. Announces Agreement to Acquire M/V Ruby Asia II, a 2014- Built Ultramax Bulker
ATHENS, Greece , Aug. 23, 2021 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and
About this update from Eurodry Ltd.
[{"type":"text","content":"ATHENS, Greece , Aug. 23, 2021 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has agreed to acquire M/V Asia Ruby II, a 62,996 dwt drybulk vessel built in 2014, for $24.5 million. The vessel is expected to be delivered to the Company within late September / early October 2021 and will be renamed M/V Good Heart. The acquisition will be financed by own funds and a bank loan. Aristides Pittas, Chairman and CEO of EuroDry commented: “We are pleased to announce the acquisition of M/V Asia Ruby II, an Ultramax, drybulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of charter rates. At current market rates, we expect that M/V Ruby II will make a significant contribution to our net income and EBITDA. As we stated recently, we believe that a number of factors constraining vessel supply in the near term combined with one of the lowest orderbook levels ever and a healthy demand growth are likely to result in strong rates for drybulk vessels well into 2022 and beyond. This acquisition allows us to better position ourselves to take advantage of such developments. Furthermore, the modernization and growth of our fleet further increases our stature as a public company enhancing the value of our public listing.” Fleet Profile: After the delivery of the M/V Ruby Asia II, the EuroDry Ltd. fleet profile will be as follows: Name TypeDwtYear BuiltEmployment(*)TCE Rate ($/day)Dry Bulk Vessels EKATERINIKamsarmax82,0002018TC until Mar-22Hire 106% of the Average Baltic Kamsarmax P5TC (***) indexXENIAKamsarmax82,0002016TC until Aug-22Hire 105% of theAverage Baltic Kamsarmax P5TC(***) indexALEXANDROS P.Ultramax63,5002017TC until Sep-21$25,250GOOD HEART (****)Ultramax62,9962014Open-EIRINI PPanamax76,4662004TC until Apr-22Hire 99%of AverageBPI (**) 4TCSTARLIGHTPanamax75,8452004TC until Aug-21Hire 98.5%of AverageBPI (**) 4TCTASOSPanamax75,1002000TC until Aug-21$19,750PANTELISPanamax74,0202000TC until Sep-21$23,000BLESSED LUCKPanamax76,7042004TC until April-22$19,500Total Dry Bulk Vessels9668,631 Note: (*) Represents the earliest redelivery date. (**) BPI stands for the Baltic Panamax Index; the average BPI 4TC is...