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EuroDry spinoff finalised

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Dry Bulk,

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerised cargoes, announced on 31 May that it has completed the spinoff of its dry bulk fleet into EuroDry Ltd.

Euroseas shareholders received one EuroDry Ltd. share for every five shares of the company they owned. Shares of EuroDry Ltd. will commence trading on May 2018 on the NASDAQ Capital Market under the symbol ‘EDRY’.

Aristides Pittas, Chairman and CEO of Euroseas, commented: “We are very pleased to complete the spinoff of our dry bulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. We expect that our clear sector strategy and growth plans will allow Euroseas to trade much closer to its net asset value, which we believe it to be around US$3 per share.”

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