EuroDry Ltd. is a dry bulk vessel owner and operator and provider of maritime transportation services for dry cargo, announced that it has signed a contract with Hengli Shipbuilding (Dalian) for the construction of its third Kamsarmax vessel with a capacity of 82,000 DWT. This vessel will be built according to eco-design specifications and in compliance with EEDI Phase 3 standards, and is expected to be delivered in the third quarter of 2029.
Contract Details
The total contract amount for this new vessel is approximately $37.0 million, and its financing will be through a combination of debt and equity. This contract is subject to receiving a repayment guarantee from a bank acceptable to the company.
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CEO Comments
Aristides Pittas, Chairman and CEO of EuroDry, stated: “We are pleased to announce the order for an eco-friendly Kamsarmax vessel with a capacity of 82,000 DWT. Given that modern five-year-old Kamsarmax vessels are valued at prices higher than newbuild prices, we believe that ordering new vessels is a better economic option, as we receive a completely new vessel with similar or even less investment and optimized fuel consumption.”
This order brings EuroDry's newbuilding program to five vessels and reduces the average age of the fleet, positioning us competitively in an increasingly market environment that values fuel-efficient and environmentally friendly vessels.
Fleet Performance
EuroDry Ltd. was established on January 8, 2018, under the laws of the Republic of the Marshall Islands to separate the dry bulk fleet of Euroseas Ltd. into a standalone public company. EuroDry separated from Euroseas Ltd. on May 30, 2018, and trades on the NASDAQ capital market under the symbol EDRY.
The company operates in the dry bulk transportation market and its fleet consists of 11 vessels, including 3 Panamax vessels, 5 Ultramax vessels, 2 Kamsarmax vessels, and 1 Supramax vessel. The total capacity of EuroDry's 11 dry bulk vessels reaches 766,420 DWT. After the delivery of two Ultramax vessels in 2027 and three Kamsarmax vessels in 2028 and 2029, the company's fleet will consist of 16 vessels with a total capacity of 1,139,420 DWT.
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