EuroDry Ltd. To Sell Pantelis For $9.7M

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  • EuroDry Ltd. has signed an agreement to sell M/V Pantelis which is a 74,020 dwt dry bulk vessel.
  • The sale is done to concentrate on modern, eco-built and fuel-efficient vessels.

EuroDry Ltd. Announced Agreement to Sell M/V “Pantelis”, a 2000-built Panamax Bulk Carrier, reports Yahoo.

EuroDry Ltd.

EuroDry Ltd. is an owner and operator of dry bulk vessels and is a provider of seaborne transportation for dry bulk cargoes. It employs its vessels on spot and period charters and under pool agreements.

On January 8, 2018, EuroDry Ltd. was formed under the laws of the Republic of the Marshall Islands to strengthen the dry bulk fleet of Euroseas Ltd. into a distinct listed public company. It was spun-off from Euroseas Ltd on May 30, 2018. It trades on the NASDAQ Capital Market under the ticker EDRY.

EuroDry has signed a pact to sell M/V Pantelis which is a 74,020 dwt dry bulk vessel for roughly $9.7 million.

After the delivery of M/V Pantelis to its buyers, the Company will have a fleet of 10 vessels, including 5 Panamax, 1 Supramax, 2 Ultramax and 2 Kamsarmax dry bulk carriers, with a total cargo capacity of 728,975 dwt.

Pantelis is anticipated to be delivered to its new owners by mid-October 2022.

Key reasons for sale

Aristides Pittas, Chairman and CEO of EuroDry commented that they are selling M/V Pantelis to concentrate on recent, eco-built, fuel-efficient vessels which are compatible with their ESG strategy.

He said, “As a result of this sale, we expect to book a gain of approximately $3 million, or about $1.00 per share, when the transaction is completed during October 2022. The net proceeds of this sale will significantly increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the market, when they arise, for the benefit of our shareholders.”

Press release

This press release comprises forward-looking declarations (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) about forthcoming events and the Company’s development policy and regulations to enforce such strategy.

It contains expected vessel acquisitions and joining into time charters.

Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and related expressions are aimed at specifying forward-looking statements.

Nonetheless, these statements implicate harm and are based upon various hypotheses and conclusions that are naturally subject to substantial skepticism and contingencies. Actual results may fluctuate materially from those conveyed or indicated by such forward-looking statements.

The Company denies any commitments or endeavours to disclose publicly any updates or amendments to any forward-looking statements included herein to indicate any change in the Company’s goals.

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Source: Yahoo

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