With another second hand ship, Aristides Pittas’ EuroDry strengthened its fleet, seeking to take advantage of the positive momentum of the bulk dry freight market.
EuroDry acquired the “M / V Molyvos Luck”, a 57,924 dwt bulk cargo ship built in 2014, valued at $ 21.2 million. The ship was majority owned by an unrelated third party and is operated by Eurobulk Ltd., which also manages the majority of EuroDry vessels.
The “M / V Molyvos Luck” is expected to be delivered to the company at the end of January 2022, while it should be noted that it is accompanied by a charter with a daily fare of 13,250 dollars / day until April 2022.
The acquisition will be financed initially from the Company’s own funds and then from a bank loan. Aristides Pittas, President and CEO of EuroDry commented, among other things, that the acquisition of M / V Molyvos Luck, a Supramax, drybulk carrier built in 2014, further expands our modern fleet at a time when fundamental size strongly supports the continuation a strong freight market as the pandemic may subside, and fleet growth will be limited as evidenced by the historically low levels of the order book.
M / V Molyvos Luck will make a significant contribution to EuroDry’s net income and EBITDA. Following the delivery of the Molyvos Luck, the EuroDry fleet will consist of 10 vessels.