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EuroDry Ltd to acquire Ultramax bulker

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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 announced that it has agreed to acquire M/V Asia Ruby II, a 62 996 DWT dry bulk vessel built in 2014, for US$24.5 million. The vessel is expected to be delivered to the Company within late September/early October 2021 and will be renamed M/V Good Heart. The acquisition will be financed by own funds and a bank loan.

Aristides Pittas, Chairman and CEO of EuroDry commented: “We are pleased to announce the acquisition of M/V Asia Ruby II, an Ultramax, dry bulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of charter rates. At current market rates, we expect that M/V Ruby II will make a significant contribution to our net income and EBITDA. As we stated recently, we believe that a number of factors constraining vessel supply in the near term combined with one of the lowest order book levels ever and a healthy demand growth are likely to result in strong rates for dry bulk vessels well into 2022 and beyond. This acquisition allows us to better position ourselves to take advantage of such developments. Furthermore, the modernisation and growth of our fleet further increases our stature as a public company enhancing the value of our public listing.”

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