- EuroDry Ltd. announces contracts for two 63,500 DWT geared ultramax bulk carriers, scheduled for delivery in 2027.
- The $71.8 million project will be funded through debt and equity, aligning with eco-friendly EEDI Phase 3 standards.
- Fleet modernization efforts increase the company’s Supra/Ultramax segment to eight vessels, all featuring environmentally friendly engines.
EuroDry Ltd. (NASDAQ: EDRY), a prominent owner and operator of drybulk vessels, has signed a contract with Nantong Xiangyu Shipbuilding for two ultramax bulk carriers. The vessels, each with a carrying capacity of 63,500 DWT, will meet EEDI Phase 3 eco-design standards and feature geared configurations. Delivery is expected in the second and third quarters of 2027.
Strategic Fleet Expansion
The total investment of $71.8 million will be financed using a combination of debt and equity. Aristides Pittas, EuroDry’s Chairman and CEO, expressed the company’s commitment to sustainability and growth, stating, “These contracts reflect our commitment to modernizing our fleet while delivering shareholder value through timely and accretive investments.”
The addition of these vessels strengthens EuroDry’s Supra/Ultramax segment, bringing its count in this category to eight eco-friendly ships.
Current Fleet Overview
EuroDry Ltd.’s fleet comprises 13 operational vessels across Kamsarmax, Ultramax, Supramax, and Panamax categories, totaling a carrying capacity of 918,502 DWT. Highlights include:
- EKATERINI and XENIA: Modern Kamsarmax vessels employed on time charters linked to the Baltic Kamsarmax index.
- ALEXANDROS P. and CHRISTOS K: Ultramax vessels with long-term charters and attractive daily rates.
- MARIA and GOOD HEART: Ultramax ships earning premium daily rates of $17,750 and $18,100, respectively.
With two ultramax vessels under construction, EuroDry will increase its fleet size to 15 ships, reaching a total DWT of 1,045,502 by 2027.
Commitment to Sustainability
The newly ordered vessels align with EuroDry’s focus on reducing its environmental impact by employing advanced eco-design standards. This initiative underscores the company’s goal of modernizing its fleet to remain competitive while supporting global decarbonization efforts.
By expanding its fleet with state-of-the-art, eco-friendly ships, EuroDry aims to solidify its position in the drybulk shipping sector while delivering sustainable growth for shareholders.
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Source: Eurodry
