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EuroDry acquires a panamax vessel

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Dry Bulk,

On Friday 9 November, EuroDry Ltd (EuroDry), an owner and operator of dry bulk vessels and provider of seaborne transportation for dry bulk cargoes, signed a memorandum of agreement to purchase the M/V Star of Nippon (to be renamed M/V Starlight), a panamax size dry bulk carrier of 75 845 DWT, built in 2004 in Japan. The vessel is expected to be delivered to the company by the end of November 2018. The company expects to finance the acquisition with funds at hand and debt which is in the process of arranging.
Aristides Pittas, Chairman and CEO of EuroDry Ltd, commented: “We are very pleased to commence the process of growing EuroDry Ltd by acquiring M/V Star of Nippon, a vessel that will complement perfectly the rest of our Japanese built panamaxes and our three new built vessels, an ultramax and two kamsarmaxes. We believe that the dry bulk market will provide significant opportunities for positive returns over the next several years and we have been working to position EuroDry to take full advantage of them for the benefit of our shareholders.”

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Dry cargo shipping news Dry bulk shipping market