Greek drybulk owner and operator EuroDry has sealed an agreement to sell its 75,100-dwt drybulk vessel 2000-built Tasos for demolition for around $5m. The owner announced yesterday the decision to sell the eldest panamax-size bulker of the company’s fleet which was due for a costly fifth special survey, for recycling.
The shipowner didn’t disclose the identity of the buyers but said that the ship is expected to be delivered to its buyers, “an unaffiliated third party,” between mid-February and mid-March 2025, upon completion of her present charter.
As a result of this sale, the Nasdaq-listed company expects to book a gain of approximately $2.1m, or about $0.75 per share.
Aristides Pittas, chairman and CEO of EuroDry, said: “We are pleased to announce our agreement to sell of our M/V Tasos, the eldest Panamax-size bulker of our fleet which was due for a costly fifth special survey, for recycling.
“The net proceeds of this sale will increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the sector, when they arise, for the benefit of our shareholders.”
After the sale of Tasos, the company has a fleet of 12 vessels, including 2 kamsarmax drybulk, 4 panamax drybulk carriers, 5 ultramax drybulk carriers, and 1 supramax drybulk carrier.
EuroDry’s 12 drybulk carriers have a total cargo capacity of 843,402 dwt. On a fully delivered basis, the company’s fleet will increase to 14 drybulk ships with a cargo capacity of about 970,402-dwt.
