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EuroDry expands fleet with panamax buy – Splash247

Greek dry bulk owner EuroDry has expanded its fleet to 11 vessels, having agreed to acquire the 2005-built panamax
Santa Cruz for $15.75.

The vessel, which VesselsValue estimates at roughly $16.4m, will deliver around the end of April 2022. The Nasdaq-listed shipowner will also assume the existing charter at $14,800 per day until July 2022.

Aristides Pittas, chairman and CEO of EuroDry, commented: “This acquisition further expands our fleet at a time when the market fundamentals are quite supportive within the context of geopolitical uncertainties. Demand is expected to remain strong, supported by the huge demand for energy and infrastructure projects that have been announced by various governments, while fleet growth is expected to be limited, as evidenced by the historically low levels of the orderbook.”

“At current market rates, we expect that Santa Cruz will make a significant contribution to our net income and EBITDA. The accumulation of funds that our fleet generates provides us with significant fleet expansion capabilities and other shareholder reward options and we will continue pursuing those most appropriate for the benefit of our shareholders at any given point,” added Pittas.

The 76,440 dwt bulker was controlled by an unaffiliated third party and has been managed by Pittas family vehicle Eurobulk, also the manager of the majority of the company’s vessels. Earlier this year, EuroDry added the 2014-built supramax Molyvos Luck for $21.2m.

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