EuroDry takes fleet to 10 with supramax buy

Greek dry bulk owner EuroDry has agreed to acquire the 2014-built supramax Molyvos Luck for $21.2m. The purchase will be funded by cash on hand and a bank loan, which will be arranged after the deal is completed.

The vessel,which VesselsValue estimates at $22.8m, will deliver around the end of this month. The Nasdaq-listed EuroDry will also assume the existing charter at $13,250 per day until April 2022.

Aristides Pittas, chairman and CEO of EuroDry, commented: “This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of a continuing strong market as there are signs that the pandemic may recede and fleet growth is expected to be limited as evidenced by the historically low levels of the orderbook. At current market rates,we expect that Molyvos Luck will make a significant contribution to our net income and EBITDA.”

The 57,924 DWT bulker was majority-owned 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. After completion of the deal,EuroDry will have a fleet of 10 bulkers.

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