EuroDry Ltd. Announces Order for the Construction of a Third Modern 82,000 DWT Kamsarmax Bulk Carrier
The construction program now covers five vessels, with deliveries scheduled from 2027 through 2029.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
EuroDry (NASDAQ: EDRY) signed a contract with Hengli Shipbuilding (Dalian) for a third Kamsarmax bulk carrier costing approximately $37.0 million. The 82,000-deadweight-ton vessel, a measure of carrying capacity, is scheduled for delivery in the third quarter of 2029. It will meet EEDI Phase 3 energy-efficiency standards. Financing will combine debt and equity, and the contract is conditional on a refund guarantee from a bank acceptable to EuroDry.
The order brings the construction program to five vessels, with deliveries scheduled from 2027 through 2029. EuroDry currently operates 11 vessels with 766,420 deadweight tons of capacity; after these deliveries, its fleet will comprise 16 vessels with 1,139,420 deadweight tons. The company considers newbuildings a better economic proposition because modern five-year-old Kamsarmax vessels are valued at or above newbuilding prices.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Third Kamsarmax construction contract adds 82,000 deadweight tons, with delivery scheduled for Q3 2029.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fleet expansion will bring EuroDry to 16 vessels and 1,139,420 deadweight tons after the planned deliveries.
Negative
- Major pointNewbuilding purchase commits approximately $37.0 million, to be financed with debt and equity. 22% of market cap
- Minor pointContract remains conditional on a refund guarantee from a bank acceptable to EuroDry.
Key Figures
- Construction contract consideration
- approximately $37.0 million
- New Kamsarmax bulk carrier
- Vessel capacity
- 82,000 DWT
- Kamsarmax bulk carrier
- Scheduled delivery
- third quarter of 2029
- New vessel
- Newbuilding program
- five vessels
- After this order
Key Terms
time charter financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Oct. 14, 2026 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has signed a contract with Hengli Shipbuilding (Dalian) for the construction of a third 82,000 DWT Kamsarmax bulk carrier. The vessel will be built to an eco-design specification compliant with EEDI Phase 3 standards and is scheduled to be delivered during the third quarter of 2029.
The total consideration for the newbuilding contract is approximately
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the order of a third 82,000 DWT eco Kamsarmax vessel. With modern five-year-old Kamsarmaxes being valued at or above newbuilding prices, we consider that ordering new tonnage is a better economic proposition, as we get a brand-new, more fuel-efficient ship for the same or even lower capital investment. This order brings our newbuilding program to five vessels, lowering the average age of our fleet and positioning us competitively in a market environment that increasingly values fuel efficient and environmentally friendly vessels.”
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
| Name | Type | Dwt | Year Built | Employment (*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,006 | 2018 | TC until Nov-26 | ||
| XENIA | Kamsarmax | 82,019 | 2016 | TC until Nov-26 | ||
| ALEXANDROS P. | Ultramax | 63,127 | 2017 | TC until Nov-26 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Nov-26 | ||
| YANNIS PITTAS | Ultramax | 63,243 | 2014 | TC until Nov-26 | Hire | |
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Nov-26 | Hire | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Jun-27 | Hire | |
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Nov-26 | Hire | |
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Oct-26 | ||
| STARLIGHT | Panamax | 75,611 | 2004 | TC until Oct-26 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Nov-26 | ||
| Total Dry Bulk Vessels | 11 | 766,420 | ||||
| Vessels under construction | Type | Dwt | To be delivered |
| ARISTEIDIS | Ultramax | 63,500 | Q2 2027 |
| TROBONI | Ultramax | 63,500 | Q3 2027 |
| NIKOS P | Kamsarmax | 82,000 | Q1 2028 |
| CHRISTINA BEL | Kamsarmax | 82,000 | Q2 2028 |
| KONSTANTINA TZ | Kamsarmax | 82,000 | Q3 2029 |
| Total under construction | 5 | 373,000 |
Note:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date
(**) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.
(***) The entity owning the vessel is
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.
The Company has a fleet of 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 11 drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and the delivery of the three Kamsarmax vessels in 2028 and 2029, the Company’s fleet will consist of 16 vessels with a total carrying capacity of 1,139,420 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much does EuroDry's third Kamsarmax cost, and when is delivery scheduled?
The vessel costs approximately $37.0 million and is scheduled for delivery in the third quarter of 2029. Hengli Shipbuilding (Dalian) will build the 82,000-deadweight-ton bulk carrier. The contract is conditional on receiving a refund guarantee from a bank acceptable to EuroDry.
When are EuroDry's other vessels under construction scheduled for delivery?
EuroDry's other four vessels are scheduled for delivery during 2027 and 2028. The 63,500-deadweight-ton Ultramax vessels ARISTEIDIS and TROBONI are scheduled for Q2 and Q3 2027, respectively. The 82,000-deadweight-ton Kamsarmax vessels NIKOS P and CHRISTINA BEL are scheduled for Q1 and Q2 2028, respectively.