Business
EuroDry Ltd. Announces New Charter for Its M/V “Molyvos Luck”
ATHENS, Greece, March 03, 2022 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and
About this update from Eurodry Ltd.
ATHENS, Greece , March 03, 2022 (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 a new charter for its drybulk vessel M/V “Molyvos Luck”. Specifically: M/V “Molyvos Luck”, a 57,924 dwt vessel built in 2014, entered into a new time charter contract for a period of between a minimum of eleven and a maximum of thirteen months at the option of the charterer, at a daily rate of $25,750 . The new rate will commence upon completion of the existing charter, estimated in early May 2022 . Aristides Pittas , Chairman and CEO of EuroDry commented : “We are very pleased to announce a new charter for our vessel M/V “Molyvos Luck” for a period between eleven and thirteen months, at a rate that is almost twice the level of its current employment. The new charter secures us with a minimum of $8.5 million of contracted gross revenues and is expected to make a total EBITDA contribution in excess of $5.5 million . This new charter will improve our profitability and cash flow visibility, with our charter coverage standing at about 29% for 2022.” Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Name Type Dwt YearBuilt Employment(*) TCE Rate ($/day) Dry Bulk Vessels EKATERINI Kamsarmax 82,000 2018 TC until Mar-22 Hire 106% of theAverage BalticKamsarmax P5TC(***) index XENIA Kamsarmax 82,000 2016 TC until Aug-22 Hire 105% of theAverage BalticKamsarmax P5TC(***) index ALEXANDROS P. Ultramax 63,500 2017 TC until Mar-22 + Gross Ballast BonusTC until Apr-22 $26,000 (****) + $600,000 $29,000 GOOD HEART* Ultramax 62,996 2014 TC until Oct-22 $25,000 MOLYVOS LUCK Supramax 57,924 2014 TC until May-22TC until Apr-23 $13,250 $25,750 EIRINI P Panamax 76,466 2004 TC until Apr-22 Hire 99%of AverageBPI (**) 4TC STARLIGHT Panamax 75,845 2004 TC until Oct-22 Hire 98.5%of AverageBPI (**) 4TC TASOS* Panamax 75,100 2000 TC until Apr-22 $18,750 or $19,750 depending onredelivery range PANTELIS* Panamax 74,020 2000 TC until Mar-22TC until Apr-22 $30,250 $18,250 BLESSED LUCK* Panamax 76,704 2004 TC until April-22 $19,500 Total Dry Bulk Vessels 10 726,555 Note: (*) Represents the earliest redelivery date (**) BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four-time charter routes. (***) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.(****) Final rate depends on actual duration due to ballast bonus payment. 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 10 vessels, including 5 Panamax drybulk carriers, 1 Supramax drybulk carier, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers, with a total cargo capacity of 726,555 dwt. Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States ; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission . The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Visit our website www.eurodry.gr Company Contact Investor Relations / Financial Media Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane ,Watchung, NJ07069Tel. (908) 301-9091E-mail: [email protected] Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue , Suite 1536 New York , NY10169Tel. (212) 661-7566E-mail: [email protected] Source: EuroDry Ltd.