EuroDry Ltd. Announces Agreement to Sell M/V Tasos, a 2000-built Panamax Bulk Carrier
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 $5 million. The vessel 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.
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 $2.1 million, or about $0.75 per share. The net proceeds of this sale will increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the sector, when they arise, for the benefit of our shareholders."
Fleet Profile:
The EuroDry Ltd. fleet profile, after the sale of M/V Tasos, is as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Mar-25 | Hire 105.5% of the Average Baltic Kamsarmax P5TC index (**) | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Apr-25 | Hire 108% of the Average Baltic Kamsarmax P5TC index(**) | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Mar-25 | $12,000 | |
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Mar-25 | $5,300 | |
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Feb-25 | $5,000 | |
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Feb-25 | $6,100 | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-25 | $7,300 | |
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Mar-25 | $5,900 | |
| EIRINI P | Panamax | 76,466 | 2004 | TC until Mar-25 | $5,350 | |
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Apr-25 | $6,200 | |
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Feb-25 | $4,650 | |
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Mar-25 | $1,700 | |
| 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 61% owned by EuroDry Ltd.
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: [email protected] | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail: [email protected] |
