Business
EuroDry Ltd. Announces Agreement to Acquire Three Eco Ultramax Bulkers
ATHENS, Greece, Sept. 12, 2023 (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, Sept. 12, 2023 (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 three Ultramax bulkers, M/V Giants Causeway, a 63,197 dwt drybulk vessel built in 2015, M/V Sadlers Wells, a 63,153 dwt drybulk vessel built in 2015 and M/V Gallileo, a 63,177 dwt drybulk vessel built in 2014, for a total price of about $65 million. The vessels are expected to be delivered to the Company during October and November 2023. The acquisitions will be financed by the Company’s own funds and bank debt. Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the acquisition of three Eco Ultramax drybulk vessels, all built during 2014 and 2015. The vessels are sisterships of our own M/V Alexandros P which was built at the same shipyard in 2017. This acquisition further expands our modern fleet cluster at a time when we believe that the market fundamentals, especially the low orderbook, are very supportive of a healthy market over the next two to three years. While demand side -geopolitical and economic- uncertainties remain, we believe that the risks are tilted to the upside and the present level of the market presents a great opportunity to expand our fleet with high quality units of known design. We expect these vessels to make significant contributions to our EBITDA.” Fleet Profile: Assuming the delivery of the three Eco Ultramax drybulk vessels described above, the EuroDry Ltd. fleet profile would be as follows: Name TypeDwtYearBuiltEmployment(*)TCE Rate ($/day)Dry Bulk Vessels EKATERINIKamsarmax82,0002018TC until Mar-25Hire 105.5% of theAverage BalticKamsarmaxP5TC(**) indexXENIAKamsarmax82,0002016TC until Mar-24Hire 105.5% of theAverage BalticKamsarmax P5TC(**) indexALEXANDROS P.Ultramax63,5002017TC until Oct-23$19,500CHRISTOS K (ex - GIANTS CAUSEWAY)Ultramax63,1972015To be arranged YANNIS PITTAS (ex - GALLILEO)Ultramax63,1772014TC until Dec-23$12,500MARIA (ex - SADLERS WELLS)Ultramax63,1532015To be arranged GOOD HEARTUltramax62,9962014TC until Nov-23$11,900MOLYVOS LUCKSupramax57,9242014TC until Oct-23$8,000EIRINI PPanamax76,4662004TC until Oct-23$15,750SANTA CRUZPanamax76,4402005In ballast STARLIGHTPanamax75,8452004TC until Sep-23$9,0...