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.”