Greek drybulk owner and operator EuroDry took delivery of the ultramax drybulk carrier built in 2014 “Yannis Pittas” of 63,177 dwt, the first of the three ultramax carriers the company agreed to acquire.
The Nasdaq-listed owner led-by Aristides J. Pittas bumped up its fleet with the first of the three Eco ultramax drybulk vessels, whilst the remaining two vessels are expected to be delivered within October 2023.
The ship is employed under a time charter contract until December 2023 at $12,500 per day.
The consideration for the vessel was paid by cash at-hand. The shipowner 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.
Aristides Pittas, chairman and chief executive of EuroDry commented: “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.”
The top management of EuroDry explains that in parallel to the above acquisitions, EuroDry continues its share repurchase program to the maximum possible level.
The shipowner Pittas added: “We believe that investing in our shares at a significant discount to our net asset value, 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.”
After the delivery of the remaining two vessels agreed to be acquired, the company would have a fleet of thirteen vessels, including two kamsarmax drybulk, five panamax drybulk carriers, five ultramax drybulk carriers, and one supramax drybulk carrier. EuroDry’s thirteen drybulk carriers have a total cargo capacity of 918,502 dwt.
