EuroDry Announces New Charter for Dry Bulk Vessel

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EuroDry an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced a new charter for its drybulk vessel M/V “Molyvos Luck”.

New time charter

M/V “Molyvos Luck”, a 57,924 dwt vessel built in 2014, entered into a new time charter contract for a period of between a minimum of eleven and a maximum of thirteen months at the option of the charterer, at a daily rate of $25,750. The new rate will commence upon completion of the existing charter, estimated in early May 2022.

$8.5m of contracted gross revenues

Aristides Pittas, Chairman and CEO of EuroDry commented: “We are very pleased to announce a new charter for our vessel M/V “Molyvos Luck” for a period between eleven and thirteen months, at a rate that is almost twice the level of its current employment.”

He added, “The new charter secures us with a minimum of $8.5 million of contracted gross revenues and is expected to make a total EBITDA contribution in excess of $5.5 million. This new charter will improve our profitability and cash flow visibility, with our charter coverage standing at about 29% for 2022.”

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Source: EuroDry

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