EuroDry acquires the dry bulk vessel Supramax
EuroDry Ltd, owner and operator of dry bulk carriers and provider of dry bulk cargo shipping, has announced that it has agreed to acquire The luck of the M/V Molyvos, a 57,924 dwt dry bulk carrier built in 2014, for $21.2 million.
The vessel was majority owned by an unaffiliated third party and managed by Eurobulk Ltd, which also manages the majority of the company’s vessels. The vessel is expected to be delivered to the company around the end of January 2022. The company will also assume the existing charter of the vessel at USD 13,250/d until April 2022. The acquisition will initially be financed by the company’s own funds; a bank loan will be put in place to partially finance the acquisition after the finalization of the purchase.
Aristides Pittas, Chairman and CEO of EuroDry, said: “We are pleased to announce the acquisition of The luck of the M/V Molyvos, a Supramax dry bulk carrier built in 2014. This acquisition further expands our group of modern fleets at a time when market fundamentals are very supportive of a still strong market, as there are signs that the pandemic may recede and that Fleet growth is expected to be limited as evidenced by historically low levels of order book. At current market rates, we expect The luck of the M/V Molyvos will make a significant contribution to our net earnings and EBITDA. The accumulation of funds that our fleet generates provides us with several options for investment, expansion or other shareholder rewards and we will continue to seek those most appropriate for the benefit of our shareholders at all times. »
Read the article online at: https://www.drybulkmagazine.com/shipping/21012022/eurodry-acquires-supramax-dry-bulk-vessel/