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EuroDry Ltd. Announces Delivery of M/V Maria, an Eco Ultramax Drybulk Carrier
ATHENS, Greece, Nov. 07, 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, Nov. 07, 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 took delivery of M/V Maria, a 63,153 dwt Ultramax drybulk carrier built in 2015. M/V Maria is part of the joint venture the Company has formed with a number of investors represented by NRP Project Finance AS (“NRP Investors”) regarding the ownership of the two Ultramax vessels, M/V Maria and M/V Christos K. NRP Investors own a 39% ownership stake in each of the vessels. The Company has arranged a sustainability-linked loan of $11 million with Eurobank S.A. to partly finance the acquisition. Aristides Pittas, Chairman and CEO of EuroDry commented: “We are very pleased to have taken delivery of M/V Maria, the second of the two vessels of our joint venture with NRP Investors. We look forward to continuing pursuing accretive transactions and ways to finance our growth creating value for our shareholders.” Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Name TypeDwtYear BuiltEmployment(*)TCE Rate ($/day)Dry Bulk Vessels EKATERINIKamsarmax82,0002018TC until Mar-25Hire 105.5% of the Average Baltic Kamsarmax P5TC index (**)XENIAKamsarmax82,0002016TC until Mar-24Hire 105.5% of the Average Baltic Kamsarmax P5TC index(**)ALEXANDROS P.Ultramax63,5002017TC until Dec-23$27,000CHRISTOS K***Ultramax63,1972015TC until Nov-23$9,600YANNIS PITTASUltramax63,1772014TC until Dec-23$12,500MARIA***Ultramax63,1532015TC until Nov-23$10,500GOOD HEARTUltramax62,9962014TC until Nov-23$11,900MOLYVOS LUCKSupramax57,9242014TC until Nov-23$14,000EIRINI PPanamax76,4662004TC until Nov-23$11,000SANTA CRUZPanamax76,4402005TC until Dec-23$13,000STARLIGHTPanamax75,8452004TC until Nov-23$15,250TASOSPanamax75,1002000TC until Nov-23$8,000BLESSED LUCKPanamax76,7042004TC until Jan-24$15,800Total Dry Bulk Vessels13918,502 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 laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from E...