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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 formed a joint venture with a number of investors represented by NRP Project Finance AS ("NRP Investors") regarding the ownership of the two Ultramax vessels it recently announced its agreement to acquire, M/V Christos K (ex – Giants Causeway) and M/V Maria (ex - Sadlers Wells), both built in 2015. Specifically, NRP Investors will acquire a 39% ownership stake in each of the vessels.
Furthermore, the Company announced today that it took delivery of one of the above vessels, M/V Christos K, a 63,197 dwt. The Company has arranged a sustainability-linked loan of $11 million with Eurobank S.A. to partly finance the acquisition.
Aristides Pittas, Chairman and CEO of EuroDry commented:
"We are very pleased to partner with the NRP team, a Norwegian investment and project finance firm, and we are excited to announce our joint venture with investors represented by NRP. This joint venture transaction helps us fund our fleet growth strategy in a non-dilutive way to our shareholders. It also allows us to broaden our investor base and establish a presence in a highly reputable and experienced shipping market.
"In parallel, we are also pleased to welcome M/V Christos K into our family, further increasing the "eco" cluster of our fleet. We look forward to continuing looking for accretive transactions and ways to finance our growth creating value for our shareholders."
Fleet Profile:
Assuming the delivery of the three Eco Ultramax drybulk vessels described above, the EuroDry Ltd. fleet profile would be as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/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 ***(1) | Ultramax | 63,197 | 2015 | To be arranged | ||
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Dec-23 | $12,500 | |
| MARIA ***(1) | 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 Nov-23 | $11,000 | |
| 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 | ||||
Posted In: EDRY
