[6-K] EuroDry Ltd. Current Report (Foreign Issuer)
EuroDry Ltd. signed an agreement to sell the 76,466 dwt Panamax M/V Eirini P., built in 2004, to an unaffiliated third party for approximately $8.5 million, with delivery expected in October 2025. The company expects a gain of about $0.6 million (approximately $0.21 per share). Management says net proceeds will strengthen the balance sheet and increase near-term liquidity to support a fleet renewal program focused on more modern, fuel-efficient vessels. After the sale the fleet will total 11 vessels (766,420 dwt); on a fully delivered basis the fleet will reach 13 vessels (about 893,420 dwt).
EuroDry Ltd. ha firmato un accordo per vendere il Panamax M/V Eirini P., 76.466 dwt, costruito nel 2004, a una terza parte non affiliata per circa 8,5 milioni di dollari, con consegna prevista per ottobre 2025. L’azienda si aspetta un utile di circa 0,6 milioni di dollari (circa 0,21 dollari a azione). Secondo la direzione, i proventi netti rafforzeranno il bilancio e aumentaranno la liquidità a breve termine per sostenere un programma di rinnovo della flotta focalizzato su navi più moderne ed efficienti in termini di consumo di carburante. Dopo la vendita la flotta conterà 11 navi (766.420 dwt); al completamento della consegna la flotta arriverà a 13 navi (circa 893.420 dwt).
EuroDry Ltd. firmó un acuerdo para vender el Panamax M/V Eirini P., de 76,466 dwt, construido en 2004, a un tercero no afiliado por aproximadamente 8,5 millones de dólares, con entrega prevista en octubre de 2025. La compañía espera una ganancia de aproximadamente 0,6 millones de dólares (aproximadamente 0,21 dólares por acción). La dirección indica que los ingresos netos fortalecerán el balance y aumentarán la liquidez a corto plazo para apoyar un programa de renovación de la flota centrado en buques más modernos y eficientes en combustible. Después de la venta, la flota contará con 11 buques (766.420 dwt); al finalizar las entregas, la flota alcanzará 13 buques (aproximadamente 893.420 dwt).
EuroDry Ltd.는 2004년에 건조된 76,466 dwt의 Panamax 선박 M/V Eirini P.를 제휴사가 아닌 제3자에게 약 850만 달러에 판매하는 계약을 체결했습니다. 2025년 10월 인도가 예정되어 있습니다. 회사는 순이익으로 약 60만 달러(주당 약 0.21달러)를 기대합니다. 경영진은 순수익이 대차대조표를 강화하고 단기 유동성을 늘려 더 현대적이고 연비가 우수한 선박으로의 함대 교체 프로그램을 지원할 것이라고 말합니다. 매각 후 함대 규모는 11척(766,420 dwt)이 되며, 인도 완료 시 13척(약 893,420 dwt)에 이를 것입니다.
EuroDry Ltd. a signé un accord de vente du Panamax M/V Eirini P., 76 466 dwt, construit en 2004, à un tiers non affilié pour environ 8,5 millions de dollars, avec une livraison prévue en octobre 2025. La société prévoit une marge de environ 0,6 million de dollars (environ 0,21 dollar par action). La direction indique que le produit net renforcera le bilan et accroîtra les liquidités à court terme pour soutenir un programme de renouvellement de la flotte axé sur des navires plus modernes et plus économiques en carburant. Après la vente, la flotte comptera 11 navires (766 420 dwt); une fois les livraisons entièrement réalisées, la flotte atteindra 13 navires (environ 893 420 dwt).
EuroDry Ltd. hat eine Vereinbarung zum Verkauf der Panamax-M/V Eirini P., 76.466 dwt, Baujahr 2004, an eine nicht verbundene dritte Partei für ca. 8,5 Mio. USD getroffen, mit voraussichtlicher Lieferung im Oktober 2025. Das Unternehmen erwartet einen Gewinn von ca. 0,6 Mio. USD (ca. 0,21 USD pro Aktie). Das Management sagt, dass die Nettorerträge die Bilanz stärken und die kurzfristige Liquidität erhöhen werden, um ein Flottenerneuerungsprogramm zu unterstützen, das sich auf modernere, treibstoffeffiziente Schiffe konzentriert. Nach dem Verkauf wird die Flotte 11 Schiffe (766.420 dwt) umfassen; nach vollständiger Lieferung wird die Flotte 13 Schiffe (ca. 893.420 dwt) erreichen.
EuroDry Ltd. وقّعت اتفاقاً لبيع ناقلة بانامكس M/V Eirini P., سعة 76,466 dwt، والمزودة سنة 2004، لطرف ثالث غير تابع مقابل نحو 8,5 مليون دولار، مع التسليم المتوقع في أكتوبر 2025. تتوقع الشركة ربحاً يقارب 0,6 مليون دولار (تقريباً 0,21 دولار للسهم). تقول الإدارة إن العائدات الصافية ستقوّي الميزانية وتزيد السيولة في المدى القصير لدعم برنامج تجديد الأسطول الذي يركز على سفن أحدث وأكثر كفاءة في استهلاك الوقود. بعد البيع سيكون الأسطول مكوّناً من 11 سفينة (766,420 dwt)؛ وعند اكتمال التوصيل سيصل الأسطـول إلى 13 سفينة (حوالي 893,420 dwt).
EuroDry Ltd. 已与一家无关联的第三方签署出售 76,466 dwt 的巴拿马级船舶 M/V Eirini P.（建于 2004 年）的协议，成交价约为 850 万美元，预计 2025 年 10 月交付。公司预计净利约为 60 万美元（约 每股 0.21 美元）。管理层表示净收益将增强资产负债表并提高短期流动性，以支持以更现代、燃油效率更高的船舶为重点的船队更新计划。出售后，船队总计 11 艘（766,420 dwt）；在全部交付后，船队将达到 13 艘（约 893,420 dwt）。
- Sale proceeds of approximately $8.5 million provide immediate liquidity
- Expected gain of ~$0.6 million (~$0.21 per share) is accretive on the transaction
- Transaction supports fleet renewal toward more modern, fuel-efficient vessels
- Fleet remains sizeable at 11 vessels (766,420 dwt) after the sale and 13 vessels (about 893,420 dwt) fully delivered
- None.
Insights
TL;DR A small, accretive disposal improving near-term liquidity and supporting fleet renewal.
The disposal of M/V Eirini P. for ~$8.5 million generates a stated gain of ~$0.6 million, or $0.21 per share, which EuroDry presents as strengthening liquidity and the balance sheet. For investors, this is a modest, positive cash flow event that reduces exposure to an older, 2004-built asset while freeing capital for prospective fleet renewal. The transaction appears operationally strategic rather than transformative given the fleet size and stated proceeds.
TL;DR Selling an older Panamax aligns with a common fleet renewal approach to improve efficiency and regulatory profile.
EuroDry describes the M/V Eirini P. as one of its three older vessels and the longest-held asset. Disposing of older tonnage for $8.5 million supports replacing it with more fuel-efficient, environmentally friendly ships, consistent with industry trends. The company quantifies fleet capacity post-sale and on a fully delivered basis, indicating ongoing fleet management and acquisition activity as part of its strategy.
EuroDry Ltd. ha firmato un accordo per vendere il Panamax M/V Eirini P., 76.466 dwt, costruito nel 2004, a una terza parte non affiliata per circa 8,5 milioni di dollari, con consegna prevista per ottobre 2025. L’azienda si aspetta un utile di circa 0,6 milioni di dollari (circa 0,21 dollari a azione). Secondo la direzione, i proventi netti rafforzeranno il bilancio e aumentaranno la liquidità a breve termine per sostenere un programma di rinnovo della flotta focalizzato su navi più moderne ed efficienti in termini di consumo di carburante. Dopo la vendita la flotta conterà 11 navi (766.420 dwt); al completamento della consegna la flotta arriverà a 13 navi (circa 893.420 dwt).
EuroDry Ltd. firmó un acuerdo para vender el Panamax M/V Eirini P., de 76,466 dwt, construido en 2004, a un tercero no afiliado por aproximadamente 8,5 millones de dólares, con entrega prevista en octubre de 2025. La compañía espera una ganancia de aproximadamente 0,6 millones de dólares (aproximadamente 0,21 dólares por acción). La dirección indica que los ingresos netos fortalecerán el balance y aumentarán la liquidez a corto plazo para apoyar un programa de renovación de la flota centrado en buques más modernos y eficientes en combustible. Después de la venta, la flota contará con 11 buques (766.420 dwt); al finalizar las entregas, la flota alcanzará 13 buques (aproximadamente 893.420 dwt).
EuroDry Ltd.는 2004년에 건조된 76,466 dwt의 Panamax 선박 M/V Eirini P.를 제휴사가 아닌 제3자에게 약 850만 달러에 판매하는 계약을 체결했습니다. 2025년 10월 인도가 예정되어 있습니다. 회사는 순이익으로 약 60만 달러(주당 약 0.21달러)를 기대합니다. 경영진은 순수익이 대차대조표를 강화하고 단기 유동성을 늘려 더 현대적이고 연비가 우수한 선박으로의 함대 교체 프로그램을 지원할 것이라고 말합니다. 매각 후 함대 규모는 11척(766,420 dwt)이 되며, 인도 완료 시 13척(약 893,420 dwt)에 이를 것입니다.
EuroDry Ltd. a signé un accord de vente du Panamax M/V Eirini P., 76 466 dwt, construit en 2004, à un tiers non affilié pour environ 8,5 millions de dollars, avec une livraison prévue en octobre 2025. La société prévoit une marge de environ 0,6 million de dollars (environ 0,21 dollar par action). La direction indique que le produit net renforcera le bilan et accroîtra les liquidités à court terme pour soutenir un programme de renouvellement de la flotte axé sur des navires plus modernes et plus économiques en carburant. Après la vente, la flotte comptera 11 navires (766 420 dwt); une fois les livraisons entièrement réalisées, la flotte atteindra 13 navires (environ 893 420 dwt).
EuroDry Ltd. hat eine Vereinbarung zum Verkauf der Panamax-M/V Eirini P., 76.466 dwt, Baujahr 2004, an eine nicht verbundene dritte Partei für ca. 8,5 Mio. USD getroffen, mit voraussichtlicher Lieferung im Oktober 2025. Das Unternehmen erwartet einen Gewinn von ca. 0,6 Mio. USD (ca. 0,21 USD pro Aktie). Das Management sagt, dass die Nettorerträge die Bilanz stärken und die kurzfristige Liquidität erhöhen werden, um ein Flottenerneuerungsprogramm zu unterstützen, das sich auf modernere, treibstoffeffiziente Schiffe konzentriert. Nach dem Verkauf wird die Flotte 11 Schiffe (766.420 dwt) umfassen; nach vollständiger Lieferung wird die Flotte 13 Schiffe (ca. 893.420 dwt) erreichen.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2025
Commission File Number: 001-38502
EURODRY LTD. |
(Translation of registrant’s name into English) |
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4 Messogiou & Evropis Street |
151 24 Maroussi, Greece |
(Address of principal executive office) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by EuroDry Ltd. (the “Company”) on September 15, 2025: EuroDry Ltd. Announces Agreement to Sell M/V Eirini P, a 2004-built Panamax Bulk Carrier.
This Report on Form 6-K (which includes Exhibit 1), except for the paragraph in Exhibit 1 beginning with “Aristides Pittas, Chairman and CEO of EuroDry commented:” is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-273254) filed with the U.S. Securities and Exchange Commission (the “Commission”) on July 14, 2023 and the Company’s Registration Statement on Form F-3 (File No. 333-273258) filed with the Commission on July 14, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Dated: September 15, 2025 | By: | /s/ Aristides J. Pittas |
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| Name: | Aristides J. Pittas |
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| Title: | President |
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Exhibit 1
![[f091525edry6k001.jpg]](https://www.sec.gov/Archives/edgar/data/0001731388/000131786125000051/f091525edry6k001.jpg)
EuroDry Ltd. Announces Agreement to Sell M/V Eirini P, a 2004-built Panamax Bulk Carrier
Athens, Greece – September 15, 2025 – 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 $8.5 million. The vessel is expected to be delivered to its buyers in October 2025.
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 $8.5 million as part of our fleet renewal program. As a result of this sale, we expect to generate a gain of approximately $0.6 million, or about $0.21 per share. The net proceeds will strengthen our balance sheet position and increase our near-term liquidity, providing us with more flexibility to pursue the renewal of our fleet with more modern, fuel efficient and environmentally friendly vessels.”
The EuroDry Ltd. fleet profile, after the sale of M/V Eirini P., is as follows:
Name | Type | Dwt | Year Built | Employment (*) | TCE Rate ($/day) |
Dry Bulk Vessels |
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EKATERINI | Kamsarmax | 82,006 | 2018 | TC until Oct-25 | $17,000 plus a GBB(****) of $700,000 |
XENIA | Kamsarmax | 82,019 | 2016 | TC until Sep-25 | $17,250 plus a GBB(****) of $725,000 |
ALEXANDROS P. | Ultramax | 63,127 | 2017 | TC until Oct-25 | $12,700 |
CHRISTOS K (***) | Ultramax | 63,197 | 2015 | TC until Sep-25 | $11,500 |
YANNIS PITTAS | Ultramax | 63,243 | 2014 | TC until Oct-25 | Hire 115% of the Average Baltic Supramax S10TC index (**) |
MARIA (***) | Ultramax | 63,153 | 2015 | TC until Mar-26 | Hire 115% of the Average Baltic Supramax S10TC index (**) |
GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-26 | Hire 115% of the Average Baltic Supramax S10TC index (**) |
MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until May-26 | Hire 101% of the Average Baltic Supramax S10TC index (**) |
SANTA CRUZ (******) | Panamax | 76,440 | 2005 | TC until Dec-25 | $13,500 |
STARLIGHT (*****) | Panamax | 75,611 | 2004 | TC until Dec-25 | $12,500 |
BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Oct-25 | $11,500 |
Total Dry Bulk Vessels | 11 | 766,420 |
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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 |
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Note:
(*) Represents the earliest redelivery date
(**) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.
(***) Vessel is 61% owned by EuroDry Ltd.
(****) Gross Ballast Bonus
(*****) The rate ranges from $11,900 to $13,000, depending on the loading and redelivery areas
(******) The rate ranges from $13,250 to $13,750, depending on the loading and redelivery areas
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 did EuroDry (EDRY) announce in this 6-K?
How much gain did EuroDry expect from the sale of M/V Eirini P.?
How will the sale affect EuroDry's fleet size and capacity?
When is the vessel expected to be delivered to the buyer?
Why is EuroDry selling the M/V Eirini P.?
