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EuroDry Ltd to acquire M/V Santa Cruz

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Dry Bulk,

EuroDry Ltd, an owner and operator of dry bulk vessels and provider of seaborne transportation for dry bulk cargoes, has agreed to acquire M/V Santa Cruz, a 76 440 DWT dry bulk vessel built in 2005, for US$15.75 million. The vessel was controlled by an un-affiliated third party and has been managed by Eurobulk Ltd, also the manager of the majority of the company’s vessels. The vessel is expected to be delivered to the company around the end of April 2022. The company will also assume the existing charter of the vessel at US$14 800/d until July 2022. The acquisition will be financed with own funds.

Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the acquisition of M/V Santa Cruz, a Panamax, dry bulk carrier built in 2005. This acquisition further expands our fleet at a time when the market fundamentals are quite supportive within the context of geopolitical uncertainties. Demand is expected to remain strong, supported by the huge demand for energy and infrastructure projects that have been announced by various governments while fleet growth is expected to be limited as evidenced by the historically low levels of the orderbook. At current market rates, we expect that M/V Santa Cruz will make a significant contribution to our net income and EBITDA. The accumulation of funds that our fleet generates provides us with significant fleet expansion capabilities and other shareholder reward options and we will continue pursuing those most appropriate for the benefit of our shareholders at any given point.”

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