EuroDry Ltd. Announces Agreement to Sell M/V Tasos, a 2000-built Panamax Bulk Carrier
EuroDry (NASDAQ: EDRY) has announced the sale of M/V Tasos, a 75,100 dwt Panamax bulk carrier built in 2000, for demolition. The vessel will be sold for approximately $5 million to an unaffiliated third party, with delivery expected between mid-February and mid-March 2025.
The company expects to book a gain of approximately $2.1 million, or about $0.75 per share from this sale. According to CEO Aristides Pittas, the vessel was due for a costly fifth special survey, and its sale will increase near-term liquidity for future investment opportunities.
Following this sale, EuroDry's fleet will consist of 12 operating dry bulk vessels totaling 843,402 dwt, plus 2 Ultramax vessels under construction (127,000 dwt) scheduled for delivery in Q2 and Q3 2027.
EuroDry (NASDAQ: EDRY) ha annunciato la vendita della M/V Tasos, un bulk carrier Panamax da 75.100 dwt costruito nel 2000, per demolizione. La nave sarà venduta per circa $5 milioni a una terza parte non affiliata, con consegna prevista tra metà febbraio e metà marzo 2025.
L'azienda prevede di registrare un guadagno di circa $2,1 milioni, ovvero circa $0,75 per azione da questa vendita. Secondo il CEO Aristides Pittas, la nave era in programma per un costoso quinto controllo speciale, e la sua vendita aumenterà la liquidità a breve termine per future opportunità d'investimento.
Dopo questa vendita, la flotta di EuroDry consisterà di 12 navi cisterna secche operative per un totale di 843.402 dwt, più 2 navi Ultramax in costruzione (127.000 dwt) programmate per la consegna nel secondo e terzo trimestre del 2027.
EuroDry (NASDAQ: EDRY) ha anunciado la venta del M/V Tasos, un buque granelero Panamax de 75,100 dwt construido en 2000, para su demolición. El buque se venderá por aproximadamente $5 millones a un tercero no afiliado, con entrega esperada entre mediados de febrero y mediados de marzo de 2025.
La empresa espera registrar una ganancia de aproximadamente $2.1 millones, o alrededor de $0.75 por acción de esta venta. Según el CEO Aristides Pittas, el buque estaba programado para una costosa quinta evaluación especial, y su venta aumentará la liquidez a corto plazo para futuras oportunidades de inversión.
Tras esta venta, la flota de EuroDry constará de 12 buques graneleros secos en operación por un total de 843,402 dwt, además de 2 buques Ultramax en construcción (127,000 dwt) programados para entrega en el segundo y tercer trimestre de 2027.
EuroDry (NASDAQ: EDRY)는 2000년에 건조된 75,100 dwt의 파나막스 벌크 캐리어 M/V Tasos의 매각을 발표했습니다. 이 배는 약 $5 백만에 비연관된 제3자에게 매각될 예정이며, 인도는 2025년 2월 중순과 3월 중순 사이로 예상됩니다.
회사는 이 매각에서 약 $2.1 백만, 즉 주당 약 $0.75의 이익을 기록할 것으로 예상하고 있습니다. CEO 아리스티데스 피타스에 따르면, 이 배는 비용이 많이 드는 다섯 번째 특별 검사를 받아야 했으며, 매각은 향후 투자 기회를 위한 단기 유동성을 증가시킬 것입니다.
이 매각 이후 EuroDry의 함대는 843,402 dwt의 12척의 운영 중인 건조 벌크 선박으로 구성되며, 2027년 2분기와 3분기에 인도될 예정인 2척의 울트라맥스 선박이 추가됩니다.
EuroDry (NASDAQ: EDRY) a annoncé la vente du M/V Tasos, un navire-cargo Panamax de 75 100 dwt construit en 2000, pour démolition. Le navire sera vendu pour environ $5 millions à un tiers non affilié, avec une livraison prévue entre mi-février et mi-mars 2025.
L'entreprise s'attend à enregistrer un gain d'environ $2,1 millions, soit environ $0,75 par action de cette vente. Selon le PDG Aristides Pittas, le navire devait passer une cinquième évaluation spéciale coûteuse, et sa vente augmentera la liquidité à court terme pour de futures opportunités d'investissement.
Suite à cette vente, la flotte d'EuroDry sera composée de 12 navires en vrac secs en exploitation totalisant 843 402 dwt, ainsi que 2 navires Ultramax en construction (127 000 dwt) prévus pour une livraison au deuxième et troisième trimestre 2027.
EuroDry (NASDAQ: EDRY) hat den Verkauf des M/V Tasos, eines 2000 gebauten Panamax-Bulkcarriers mit 75.100 dwt, zur Demontage angekündigt. Das Schiff wird für etwa $5 Millionen an eine nicht verbundene dritte Partei verkauft, die Lieferung wird zwischen Mitte Februar und Mitte März 2025 erwartet.
Das Unternehmen erwartet, aus diesem Verkauf einen Gewinn von etwa $2,1 Millionen, oder etwa $0,75 pro Aktie zu buchen. Laut CEO Aristides Pittas war das Schiff für eine kostspielige fünfte Sonderinspektion fällig, und der Verkauf wird die Liquidität kurzfristig erhöhen, um zukünftige Investitionsmöglichkeiten zu nutzen.
Nach diesem Verkauf wird die Flotte von EuroDry aus 12 betriebenen Schüttgutschiffen mit insgesamt 843.402 dwt bestehen, zuzüglich 2 Ultramax-Schiffen, die sich im Bau befinden (127.000 dwt), die für die Lieferung im 2. und 3. Quartal 2027 geplant sind.
- Sale of aging vessel generates $2.1 million gain ($0.75 per share)
- Avoids costly fifth special survey expenses
- Increases near-term liquidity for future investments
- Fleet modernization through removal of oldest vessel
- Reduction in fleet size and revenue-generating capacity
- Loss of immediate cargo carrying capacity of 75,100 dwt
Insights
The strategic sale of M/V Tasos represents a well-timed move by EuroDry to optimize its fleet composition and financial position. The
- Generates an immediate gain of
$2.1 million ($0.75 per share), strengthening the company's financial position - Eliminates the substantial capital expenditure requirement for the vessel's fifth special survey, which typically costs between
$1.5-2.5 million for vessels of this age - Reduces the average age of EuroDry's fleet, enhancing its operational efficiency and marketability to charterers
- Creates financial flexibility for future strategic investments, particularly important given the company's existing orderbook of two Ultramax vessels for 2027 delivery
The decision to sell for demolition rather than attempting a secondhand sale is particularly astute given the vessel's age and the current market dynamics. The move aligns with industry-wide efforts to modernize fleets and improve environmental performance. The timing also suggests management's confidence in identifying more profitable deployment opportunities for the capital, potentially in newer, more efficient vessels that could command premium charter rates.
The fleet renewal strategy becomes evident when considering EuroDry's orderbook, which includes two modern Ultramax vessels. This systematic approach to fleet modernization should position the company favorably in terms of both operating costs and charter rate potential, while maintaining a balanced age profile across its fleet.
ATHENS, Greece, Feb. 05, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce our agreement to sell of our M/V Tasos, the eldest Panamax-size bulker of our fleet which was due for a costly fifth special survey, for recycling. As a result of this sale, we expect to book a gain of approximately
Fleet Profile:
The EuroDry Ltd. fleet profile, after the sale of M/V Tasos, is as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Mar-25 | Hire | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Apr-25 | Hire | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Mar-25 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Mar-25 | ||
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Feb-25 | ||
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Feb-25 | ||
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-25 | ||
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Mar-25 | ||
| EIRINI P | Panamax | 76,466 | 2004 | TC until Mar-25 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Apr-25 | ||
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Feb-25 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Mar-25 | ||
| Total Dry Bulk Vessels | 12 | 843,402 | ||||
| Vessels under construction | Type | Dwt | To be delivered |
| SBC XY164 | Ultramax | 63,500 | Q2 2027 |
| SBC XY166 | Ultramax | 63,500 | Q3 2027 |
| Total under construction | 2 | 127,000 |
Note:
(*) Represents the earliest redelivery date
(**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(***) Vessel is
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 sale of M/V 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.
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, NJ 07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
FAQ
How much will EuroDry (EDRY) receive from the sale of M/V Tasos?
What is the expected gain from EDRY's sale of M/V Tasos?
When will the M/V Tasos be delivered to its buyers?
How many vessels will remain in EDRY's fleet after the M/V Tasos sale?
What is the total fleet capacity of EDRY after the M/V Tasos sale?
