Business
EuroDry Ltd. Announces Agreement to Sell M/V Tasos, a 2000-built Panamax Bulk Carrier
ATHENS, Greece, Feb. 05, 2025 (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, Feb. 05, 2025 (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 signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel is expected to be delivered to its buyers, an unaffiliated third party, between mid-February and mid-March 2025, upon completion of her present charter. Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce our agreement to sell of our M/V Tasos, the eldest Panamax-size bulker of our fleet which was due for a costly fifth special survey, for recycling. As a result of this sale, we expect to book a gain of approximately $2.1 million, or about $0.75 per share. The net proceeds of this sale will increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the sector, when they arise, for the benefit of our shareholders.” Fleet Profile: The EuroDry Ltd. fleet profile, after the sale of M/V Tasos, is as follows: Name TypeDwtYear BuiltEmployment(*)TCE Rate ($/day)Dry Bulk Vessels EKATERINIKamsarmax82,0002018TC until Mar-25Hire 105.5% of the Average Baltic Kamsarmax P5TC index (**)XENIAKamsarmax82,0002016TC until Apr-25Hire 108% of the Average Baltic Kamsarmax P5TC index(**)ALEXANDROS P.Ultramax63,5002017TC until Mar-25$12,000CHRISTOS K***Ultramax63,1972015TC until Mar-25$5,300YANNIS PITTASUltramax63,1772014TC until Feb-25$5,000MARIA***Ultramax63,1532015TC until Feb-25$6,100GOOD HEARTUltramax62,9962014TC until Mar-25$7,300MOLYVOS LUCKSupramax57,9242014TC until Mar-25$5,900EIRINI PPanamax76,4662004TC until Mar-25$5,350SANTA CRUZPanamax76,4402005TC until Apr-25$6,200STARLIGHTPanamax75,8452004TC until Feb-25$4,650BLESSED LUCKPanamax76,7042004TC until Mar-25$1,700Total Dry Bulk Vessels12843,402 Vessels under constructionTypeDwtTo be deliveredSBC XY164Ultramax63,500Q2 2027SBC XY166Ultramax63,500Q3 2027Total under construction2127,000 Note: (*) Represents the earliest redelivery date(**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.(***) Vessel is 61% owned by EuroDry Ltd. About EuroDry Ltd.EuroDry Ltd. was formed on January 8, 2018 under the l...