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EuroDry Ltd sell panamax bulk carrier

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Dry Bulk,

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, has announced that it has signed an agreement to sell M/V Pantelis, a 74 020 dwt drybulk vessel, built in 2000, for approximately US$9.7 million. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by mid-October 2022.

Aristides Pittas, Chairman and CEO of EuroDry commented:

“Today, we are announcing our agreement to sell our M/V Pantelis, one of the eldest panamax-size bulkers of our fleet. This sale is part of our effort to focus on more modern, eco-built, fuel-efficient vessels and is consistent with our overall ESG strategy. As a result of this sale, we expect to book a gain of approximately US$3 million, or about US$1.00/share, when the transaction is completed during October 2022. The net proceeds of this sale will significantly increase our near-term liquidity and enable us to quickly capitalise on accretive investment opportunities in the market, when they arise, for the benefit of our shareholders.”

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Panamax news European dry bulk news