In a major development, EuroDry Ltd. an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced that it has recently signed a memorandum of agreement to purchase the M/V Star of Nippon, a panamax size drybulk carrier of 75,845 dwt built in 2004 in Japan, says a NASDAQ press release.
Scheduled Delivery & Funding
The vessel which is to be renamed M/V Starlight, will 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.
What it means for EuroDry?
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 newbuilt vessels, an ultramax and two kamsarmaxes. We believe that the drybulk 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.”
What’s their benefit?
After the acquisition of the M/V Star of Nippon, the Company will have a fleet of 7 vessels, including 4 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 7 drybulk carriers will have a total cargo capacity of 528,929 dwt.
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Source: EuroDry
