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EuroDry Ltd. Signs Contract for Construction of Two Ultramax Bulk Carriers

Nov 21, 2024•over 1 year ago

Contract Type

contract

OtherConsumer GoodsTransportation

Description

EuroDry Ltd. has signed a contract with Nantong Xiangyu Shipbuilding for the construction of two 63,500 DWT ultramax bulk carriers. The total consideration for the two newbuilding contracts is approximately $71.8 million and will be financed with a combination of debt and equity.

Company Information

Company

EuroDry Ltd

About

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off 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 delivery of M/V Molyvos Luck, the Company will have a fleet of 10 vessels, including 5 Panamax drybulk carriers, 1 Supramax drybulk carier, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 9 drybulk carriers have a total cargo capacity of 726,555 dwt.

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