EuroDry Ltd. Announces Agreement to Sell M/V Eirini P, a 2004-built Panamax Bulk Carrier
EuroDry Ltd. (NASDAQ: EDRY) has announced the sale of its vessel M/V Eirini P., a 76,466 dwt Panamax bulk carrier built in 2004, to an unaffiliated third party for $8.5 million. The vessel delivery is expected in October 2025.
The sale is part of EuroDry's fleet renewal program and is expected to generate a gain of approximately $0.6 million, or $0.21 per share. Following the sale, EuroDry's fleet will consist of 11 dry bulk vessels with a total capacity of 766,420 dwt, plus two Ultramax vessels under construction scheduled for delivery in Q2 and Q3 2027.
EuroDry Ltd. (NASDAQ: EDRY) ha annunciato la vendita della sua nave M/V Eirini P., una portacontainer Panamax da 76.466 dwt costruita nel 2004, a una terza parte non affiliata per 8,5 milioni di dollari. La consegna della nave è prevista per ottobre 2025.
La vendita rientra nel programma di rinnovo della flotta di EuroDry e si prevede che generi un utile di circa 0,6 milioni di dollari, ovvero 0,21 dollari per azione. Dopo la vendita, la flotta di EuroDry sarà composta da 11 navi di rinfusa secche con una capacità totale di 766.420 dwt, oltre a due navi Ultramax in costruzione previste per la consegna nel secondo e terzo trimestre del 2027.
EuroDry Ltd. (NASDAQ: EDRY) ha anunciado la venta de su buque M/V Eirini P., un carguero Panamax de 76.466 dwt construido en 2004, a una tercera parte no afiliada por 8,5 millones de dólares. Se espera la entrega del buque en octubre de 2025.
La venta forma parte del programa de renovación de la flota de EuroDry y se espera que genere una ganancia de aproximadamente 0,6 millones de dólares, o 0,21 dólares por acción. Tras la venta, la flota de EuroDry constará de 11 buques cargueros a granel secos con una capacidad total de 766.420 dwt, además de dos buques Ultramax en construcción programados para ser entregados en el segundo y tercer trimestre de 2027.
EuroDry Ltd. (NASDAQ: EDRY)는 76,466 dwt의 Panamax 벌크 운반선 M/V Eirini P.를 계열사와 무관한 제3자에게 850만 달러에 매각했다고 발표했습니다. 선박 인도는 2025년 10월 예정입니다.
이번 매각은 EuroDry의 함대 교체 프로그램의 일부이며 약 60만 달러, 또는 주당 0.21달러의 이익이 발생할 것으로 예상됩니다. 매각 후 EuroDry의 함대는 11척의 건조 벌크선으로 구성되며 총 용량은 766,420 dwt이고, 두 척의 Ultramax 선박이 건조 중이며 2027년 2분기와 3분기에 인도될 예정입니다.
EuroDry Ltd. (NASDAQ: EDRY) a annoncé la vente de son navire M/V Eirini P., un porte-conteneurs Panamax de 76.466 dwt construit en 2004, à un tiers non affilié pour 8,5 millions de dollars. La livraison du navire est prévue en octobre 2025.
Cette vente s’inscrit dans le cadre du programme de renouvellement de la flotte d’EuroDry et devrait générer un gain d’environ 0,6 million de dollars, ou 0,21 dollar par action. Après la vente, la flotte d’EuroDry sera composée de 11 navires porteurs secs d’une capacité totale de 766 420 dwt, en plus de deux navires Ultramax en construction prévus pour une livraison au cours du 2e et 3e trimestre 2027.
EuroDry Ltd. (NASDAQ: EDRY) hat den Verkauf seines Schiffes M/V Eirini P., einer Panamax-Charterbefrachtung mit 76.466 dwt, gebaut im Jahr 2004, an einen nicht verbundenen Dritten für 8,5 Mio. USD bekannt gegeben. Die Übernahme des Schiffes wird im Oktober 2025 erwartet.
Der Verkauf ist Teil des Flottenerneuerungsprogramms von EuroDry und soll einen Gewinn von ca. 0,6 Mio. USD oder 0,21 USD pro Aktie bringen. Nach dem Verkauf wird die Flotte von EuroDry aus 11 Trockenbulk-Frachtschiffen mit einer Gesamttragfähigkeit von 766.420 dwt bestehen, zusätzlich zu zwei Ultramax-Schiffen in Bau, deren Lieferung für das zweite und dritte Quartal 2027 geplant ist.
EuroDry Ltd. (NASDAQ: EDRY) أعلنت عن بيع سفينتها M/V Eirini P., حاملة الحبوب Panamax بسعة 76,466 dwt، المبنية في عام 2004، إلى طرف ثالث غير تابع مقابل 8.5 مليون دولار. من المتوقع تسليم السفينة في أكتوبر 2025.
هذا البيع جزء من برنامج تجديد الأسطول لدى EuroDry ومن المتوقع أن يحقق ربحاً يقارب 0.6 مليون دولار، أو 0.21 دولار للسهم. بعد البيع، سيضم أسطول EuroDry 11 سفينة حاويات جافة بسعة إجمالية مقدرها 766,420 dwt، بالإضافة إلى سفينتين Ultramax قيد الإنشاء من المتوقع تسليمهما في الربعين الثاني والثالث من 2027.
EuroDry Ltd. (NASDAQ: EDRY)宣布以未关联的第三方购买价为�850万美元，出售其船舶M/V Eirini P.，这是一艘于2004年建造、载重吨位为76,466 dwt的Panamax干货船。船舶交付预计于2025年10月完成。
此次出售是EuroDry船队更新计划的一部分，预计将带来约60万美元的收益，或每股0.21美元。出售后，EuroDry的船队将包括11艘干散货船，总载重为766,420 dwt，另外还将有两艘正在建造中的Ultramax船，计划于2027年第二季度和第三季度交付。
- Expected gain of $0.6 million ($0.21 per share) from vessel sale
- Sale proceeds will strengthen balance sheet and increase near-term liquidity
- Strategic move towards fleet modernization with more fuel-efficient vessels
- Company maintains a diverse fleet with multiple vessel types and stable time charter contracts
- Reduction in fleet size and carrying capacity
- Sale of vessel at relatively low price point of $8.5 million reflecting vessel's age
Insights
EuroDry's sale of aging vessel Eirini P generates $0.6M profit while advancing fleet renewal strategy toward more efficient ships.
EuroDry's announced sale of the M/V Eirini P for
This sale aligns with industry-wide trends of fleet renewal focused on more fuel-efficient vessels with lower emissions profiles. The dry bulk shipping sector faces increasing regulatory pressure regarding emissions, with the IMO's EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator) regulations driving owners toward newer, cleaner vessels. By divesting older tonnage and signaling intent to invest in "more modern, fuel efficient and environmentally friendly vessels," EuroDry positions itself to better navigate these regulatory headwinds.
The company's fleet profile reveals a well-diversified mix of vessel sizes, with a concentration in the versatile Ultramax segment (5 vessels plus 2 newbuilds). The $8.5 million sale proceeds will bolster EuroDry's liquidity position while reducing the average age of their fleet. With the company's current chartering strategy showing a mix of fixed-rate time charters and index-linked arrangements, they maintain both stable cash flow and upside exposure to potentially strengthening market conditions in the dry bulk sector. The two 63,500 dwt Ultramax newbuildings scheduled for 2027 delivery indicate a long-term commitment to fleet renewal with more efficient vessels.
ATHENS, Greece, Sept. 15, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has signed an agreement to sell M/V Eirini P., a 76,466 dwt drybulk vessel, built in 2004, to an unaffiliated third party, for approximately
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the agreement to sell M/V Eirini P., one of the three older vessels and the longest-held in our current fleet, for
The EuroDry Ltd. fleet profile, after the sale of M/V Eirini P., is as follows:
| Name | Type | Dwt | Year Built | Employment (*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,006 | 2018 | TC until Oct-25 | ||
| XENIA | Kamsarmax | 82,019 | 2016 | TC until Sep-25 | ||
| ALEXANDROS P. | Ultramax | 63,127 | 2017 | TC until Oct-25 | ||
| CHRISTOS K (***) | Ultramax | 63,197 | 2015 | TC until Sep-25 | ||
| YANNIS PITTAS | Ultramax | 63,243 | 2014 | TC until Oct-25 | Hire | |
| MARIA (***) | Ultramax | 63,153 | 2015 | TC until Mar-26 | Hire | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-26 | Hire | |
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until May-26 | Hire | |
| SANTA CRUZ (******) | Panamax | 76,440 | 2005 | TC until Dec-25 | ||
| STARLIGHT (*****) | Panamax | 75,611 | 2004 | TC until Dec-25 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Oct-25 | ||
| Total Dry Bulk Vessels | 11 | 766,420 | ||||
| Vessels under construction | Type | Dwt | To be delivered |
| SBC XY164 | Ultramax | 63,500 | Q2 2027 |
| SBC XY166 | Ultramax | 63,500 | Q3 2027 |
| Total under construction | 2 | 127,000 |
Note:
(*) Represents the earliest redelivery date
(**) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.
(***) Vessel is
(****) Gross Ballast Bonus
(*****) The rate ranges from
(******) The rate ranges from
About EuroDry Ltd.
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 sale of M/V Eirini P., the Company will have a fleet of 11 vessels, including 2 Kamsarmax drybulk, 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, and 1 Supramax drybulk carrier. EuroDry’s 11 drybulk carriers have a total cargo capacity of 766,420 dwt. On a fully delivered basis, the Company’s fleet will increase to 13 drybulk ships with a cargo capacity of about 893,420 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
FAQ
What is the sale price of EuroDry's M/V Eirini P vessel?
When will the M/V Eirini P vessel be delivered to its new owners?
How much profit will EuroDry make from the M/V Eirini P sale?
How many vessels will EuroDry own after selling M/V Eirini P?
What is EuroDry's plan for the proceeds from the vessel sale?
