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EuroDry Ltd sell panamax bulk carrier

Published by , Editorial Assistant
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.”

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/21092022/eurodry-ltd-sell-panamax-bulk-carrier/

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Panamax news European dry bulk news