Nasdaq-listed dry bulk owner EuroDry has announced the acquisition of the 2014-built Ultramax bulker Asia Ruby II for $24.5m.

The vessel, built at China’s Jinling Shipyard, is listed in the fleet of Hamburg Bulk Carriers and has a value of $22.16m according to VesselsValue.

Delivery is scheduled for late September to early October, and EuroDry will rename the vessel Good Heart. 

Aristides Pittas, chairman and CEO of EuroDry, commented: “We are pleased to announce the acquisition of M/V Asia Ruby II, an Ultramax, dry bulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of charter rates. At current market rates, we expect that M/V Ruby II will make a significant contribution to our net income and EBITDA.”  

EuroDry will have a fleet of nine bulkers on completion of the deal.