Greek drybulk owner and operator EuroDry has sealed a deal 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 around $37m and will be financed with a combination of debt and equity.
The contract is conditional upon receiving a refund guarantee from a bank acceptable to the company.
Aristides Pittas, chairman and CEO of EuroDry, said: “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.”
Currently, the company’s fleet portfolio consists of 11 vessels, including 3 panamax dry bulk carriers, 5 ultramax dry bulk carriers, 2 kamsarmax dry bulk carriers and 1 supramax dry bulk 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.
The company’s operations are managed by Eurobulk, an 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.
