EuroDry Sells Panamax Vessel, Boosts Liquidity
EuroDry, a Greek dry bulk shipping company listed on the Nasdaq, has finalized the sale of its panamax vessel, the Eirini P., to an undisclosed buyer. The transaction, valued at approximately $8.5 million, is expected to enhance the company’s financial standing and provide increased liquidity. The vessel, which has been part of EuroDry’s fleet since 2004, will be delivered to its new owner in October 2025.
Strategic Sale Enhances Fleet Renewal Plans
The sale of the Eirini P. marks a significant transaction for EuroDry, as it is one of the oldest vessels in the company’s fleet and has been in their possession the longest. The decision to sell was driven by the desire to strengthen the company’s balance sheet and enhance liquidity. EuroDry anticipates a gain of approximately $600,000 from this sale, which will provide the company with more flexibility for future investments.
Aristides Pittas, chairman and CEO of EuroDry, emphasized the strategic importance of this sale, stating, “The net proceeds will strengthen our balance sheet position and increase our near-term liquidity, providing us with more flexibility to pursue the renewal of our fleet with more modern, fuel-efficient, and environmentally friendly vessels.” This focus on renewal is crucial as the maritime industry increasingly shifts towards sustainability.
Following the sale, EuroDry’s fleet will consist of 11 vessels, which include two kamsarmaxes, three panamaxes, five ultramaxes, and one supramax. The total cargo capacity of the fleet amounts to 766,420 deadweight tons (dwt). Additionally, the company has plans to expand its fleet further, with two ultramaxes currently under construction, scheduled for delivery in 2027.
