Greek drybulk owner and operator EuroDry has agreed to acquire three ultramax bulkers, for a total price of about $65 million.  

The Nasdaq-listed owner led-by Aristides J. Pittas said it will buy the 63,197 dwt 2015-built Giants Causeway, and the Sadlers Wells, a 63,153 dwt drybulk also built in 2015, as well as the 63,177 dwt drybulk ship Gallileo, built in 2014.

The vessels are expected to be delivered to EuroDry during October and November 2023. The acquisitions will be financed by the company’s own funds and bank debt.

The three ultramax bulkers are sisterships of EuroDry´s Alexandros P which was built at the same shipyard in 2017.

The top management of EuroDry believes that these vessels will make a significant contribution to the company´s Ebitda.

While demand side -geopolitical and economic- uncertainties remain, the shipowner Aristides Pittas also believes that the risks are tilted to the upside, and the present level of the market presents a great opportunity to expand our fleet with high quality units of known design

Aristides Pittas, chairman and chief executive of EuroDry, commented: “We are pleased to announce the acquisition of three Eco Ultramax drybulk vessels, all built during 2014 and 2015. This acquisition further expands our modern fleet cluster at a time when we believe that the market fundamentals, especially the low orderbook, are very supportive of a healthy market over the next two to three years.”

With the acquisition of the three vessels, the owner would have a total fleet of 13 vessels, including two kamsarmax drybulk, five panamax drybulk carriers, five ultramax drybulk carriers and one supramax drybulk carrier.

EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 dwt.