EuroDry Ltd. Announces Agreement to Sell M/V “Pantelis”, a 2000-built Panamax Bulk Carrier

Rhea-AI Summary

EuroDry Ltd. (NASDAQ: EDRY) has signed an agreement to sell the M/V Pantelis, a 74,020 dwt drybulk vessel, for approximately $9.7 million. The sale is part of EuroDry's strategy to modernize its fleet and align with its ESG goals. The company expects to realize a gain of about $3 million or $1.00 per share, enhancing its liquidity to seize upcoming investment opportunities. Post-sale, EuroDry will operate a fleet of 10 vessels with a total capacity of 728,975 dwt.

Positive

• Agreement to sell M/V Pantelis for approximately $9.7 million.
• Expected gain of $3 million, or $1.00 per share, upon completion.
• Sale aligns with the company's strategy to invest in modern, eco-friendly vessels.
• Increased liquidity to capitalize on future investment opportunities.

Negative

• None.

ATHENS, Greece, Sept. 19, 2022 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has signed an agreement to sell M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately $9.7 million. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by mid-October 2022.

Aristides Pittas, Chairman and CEO of EuroDry commented: “Today, we are announcing our agreement to sell our M/V Pantelis, one of the eldest Panamax-size bulkers of our fleet. This sale is part of our effort to focus on more modern, eco-built, fuel-efficient vessels and is consistent with our overall ESG strategy. As a result of this sale, we expect to book a gain of approximately $3 million, or about $1.00 per share, when the transaction is completed during October 2022. The net proceeds of this sale will significantly increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the market, when they arise, for the benefit of our shareholders.”  

About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. 

EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified 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.

After the delivery of M/V Pantelis to its buyers, the Company will have a fleet of 10 vessels, including 5 Panamax, 1 Supramax, 2 Ultramax and 2 Kamsarmax drybulk carriers, with a total cargo capacity of 728,975 dwt.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website www.eurodry.gr

Company Contact	Investor Relations / Financial Media
Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr	Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com

 

FAQ

What is EuroDry's recent vessel sale announcement?

EuroDry announced the sale of M/V Pantelis for approximately $9.7 million.

How much gain does EuroDry expect from the sale of M/V Pantelis?

EuroDry expects to book a gain of about $3 million or $1.00 per share.

What is the total capacity of EuroDry's fleet after the sale?

After the sale, EuroDry will operate a fleet of 10 vessels with a total capacity of 728,975 dwt.

When is the delivery of M/V Pantelis expected to occur?

The vessel is expected to be delivered to the new owners by mid-October 2022.