EDRY - EuroDry Ltd. Announces Delivery of M/V YANNIS PITTAS an Eco Ultramax Drybulk Carrier | Benzinga
ATHENS, Greece, Oct. 13, 2023 (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 took delivery of the previously announced acquisition of M/V YANNIS PITTAS (ex-GALLILEO), a 63,177 dwt Ultramax drybulk carrier built in 2014, the first of three Ultramax carriers it agreed to acquire. The consideration for the vessel was paid by cash at-hand; the Company has arranged a sustainability-linked loan of $10.5 million with Eurobank S.A. to partly finance the acquisition which is expected to be drawn by October 16, 2023. The vessel is employed under a time charter contract until December 2023 at $12,500 per day.
Aristides Pittas, Chairman and CEO of EuroDry commented:
"We are pleased to have taken delivery of M/V YANNIS PITTAS, the first of the three Eco Ultramax drybulk vessels we recently announced we agreed to acquire. The remaining two vessels are expected to be delivered within October 2023. We believe our acquisition of the three vessels took place at an opportune time in the market and, despite the recently increased geopolitical uncertainties, we expect all three vessels to make significant contributions to our EBITDA for the benefit of our shareholders which remains the focus of our strategy.
"In parallel to the above acquisitions, we continue our share repurchase program to the maximum possible level as we believe that investing in our shares at a significant discount to our net asset value ("NAV") represents a very attractive opportunity for our shareholders. At the same time, we have provided us -as we always do- flexibility and equipped the Company with the option of an At-The-Market offering to be only used if our share price increases near the NAV of our stock."
Fleet Profile:
Assuming the delivery of the three Eco Ultramax drybulk vessels described above, the EuroDry Ltd. fleet profile would be as follows:
| Name |
| Type |
| Dwt |
| Year Built |
| Employment(*) |
TCE Rate ($/day) |
| Dry Bulk Vessels |
| EKATERINI |
| Kamsarmax |
| 82,000 |
| 2018 |
| TC until Mar-25 |
| Hire 105.5% of the Average Baltic Kamsarmax P5TC (**) index |
| XENIA |
| Kamsarmax |
| 82,000 |
| 2016 |
| TC until Mar-24 |
| Hire 105.5% of the Average Baltic Kamsarmax P5TC (**) index |
| ALEXANDROS P. |
Ultramax |