Business
EuroDry Ltd. Announces the Redemption of its Outstanding Series B Preferred Shares
ATHENS, Greece, Dec. 13, 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, Dec. 13, 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 provided a notice of redemption to its Series B Preferred Shares (“Preferred Shares”) holders for entire of the outstanding amount at par as per the provisions of the Statement of Designation of the Preferred Shares. The Preferred Shares carried a dividend of 8% per annum until January 2023 increasing to 14% per annum thereafter. The Company will use own funds for the redemption which will take place on or about December 20, 2021. Aristides Pittas, Chairman and CEO of EuroDry commented: “We are very pleased to announce the redemption of the outstanding Series B Preferred Shares at par. This redemption not only will simplify our capital structure but also reduce our funding costs and increase earnings per share attributable to our common shareholders from eliminating the preferred shared dividend by about $0.38 in 2022 and by about $0.67 every year thereafter. Issuing the Preferred Shares in 2014 was instrumental in funding our newbuilding program at the time of two kamsamax and one ultramax drybulk carriers, now in our fleet, in a cost effective way. We would like to thank all our preferred shareholders for their trust and commitment to our Company all these years.” 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 Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.The Company has a fleet of 9 vessels, including 5 Panamax drybulk carriers, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry's 9 drybulk carriers have a total cargo capacity of 668,631 dwt. For...