EuroDry Ltd. has signed an agreement to sell M/V Eirini P., a 76,466 dwt drybulk vessel, built in 2004, to an unaffiliated third party, for approximately $8.5 million. The vessel is expected to be delivered to its buyers in October 2025.
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the agreement to sell M/V Eirini P., one of the three older vessels and the longest-held in our current fleet, for $8.5 million as part of our fleet renewal program. As a result of this sale, we expect to generate a gain of approximately $0.6 million, or about $0.21 per share. The net proceeds will strengthen our balance sheet position and increase our near-term liquidity, providing us with more flexibility to pursue the renewal of our fleet with more modern, fuel efficient and environmentally friendly vessels.”
EuroDry Ltd. was formed on January 8, 2018 to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spunoff 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. After the sale of M/V Eirini P., the Company will have a fleet of 11 vessels, including 2 Kamsarmax drybulk, 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, and 1 Supramax drybulk carrier. EuroDry’s 11 drybulk carriers have a total cargo capacity of 766,420 dwt. On a fully delivered basis, the Company’s fleet will increase to 13 drybulk ships with a cargo capacity of about 893,420 dwt.
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