EuroDry Ltd. Announces Delivery Of M/V YANNIS PITTAS, An Eco Ultramax Drybulk Carrier; The Vessel Is Employed Under A Time Charter Contract Until December 2023 At $12,500 Per Day

Author: Happy Mohamed | October 13, 2023 09:04am

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 took delivery of the previously announced acquisition of M/V YANNIS PITTAS (ex-GALLILEO), a 63,177 dwt Ultramax drybulk carrier built in 2014, the first of three Ultramax carriers it agreed to acquire. The consideration for the vessel was paid by cash at-hand; the Company 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. The vessel is employed under a time charter contract until December 2023 at $12,500 per day.
 

Aristides Pittas, Chairman and CEO of EuroDry commented:

"We are pleased to have taken delivery of M/V YANNIS PITTAS, the first of the three Eco Ultramax drybulk vessels we recently announced we agreed to acquire. The remaining two vessels are expected to be delivered within October 2023. 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.

"In parallel to the above acquisitions, we continue our share repurchase program to the maximum possible level as we believe that investing in our shares at a significant discount to our net asset value ("NAV") 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."

Fleet Profile:

Assuming the delivery of the three Eco Ultramax drybulk vessels described above, the EuroDry Ltd. fleet profile would be 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 Mar-24	Hire 105.5% of the Average Baltic Kamsarmax P5TC (**) index
ALEXANDROS P.	Ultramax	63,500	2017	TC until Dec-23	$27,000
CHRISTOS K (ex - GIANTS CAUSEWAY)***	Ultramax	63,197	2015	To be arranged
YANNIS PITTAS	Ultramax	63,177	2014	TC until Dec-23	$12,500
MARIA (ex - SADLERS WELLS)***	Ultramax	63,153	2015	To be arranged
GOOD HEART	Ultramax	62,996	2014	TC until Nov-23	$11,900
MOLYVOS LUCK	Supramax	57,924	2014	TC until Oct-23	$8,000
EIRINI P	Panamax	76,466	2004	TC until Oct-23	$15,750
SANTA CRUZ	Panamax	76,440	2005	TC until Dec-23	$13,000
STARLIGHT	Panamax	75,845	2004	TC until Nov-23	$15,250
TASOS	Panamax	75,100	2000	TC until Dec-23	$8,000
BLESSED LUCK	Panamax	76,704	2004	TC until Jan-24	$15,800
Total Dry Bulk Vessels	13	918,502

Note:
 

(*)	Represents the earliest redelivery date.
(**)	The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(***)	Expected to be delivered in October 2023.

Posted In: EDRY