EuroDry Ltd. Announces Delivery of M/V Maria, an Eco Ultramax Drybulk Carrier

ATHENS, Greece, Nov. 07, 2023 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it took delivery of M/V Maria, a 63,153 dwt Ultramax drybulk carrier built in 2015. M/V Maria is part of the joint venture the Company has formed with a number of investors represented by NRP Project Finance AS (“NRP Investors”) regarding the ownership of the two Ultramax vessels, M/V Maria and M/V Christos K. NRP Investors own a 39% ownership stake in each of the vessels. The Company has arranged a sustainability-linked loan of $11 million with Eurobank S.A. to partly finance the acquisition.

Aristides Pittas, Chairman and CEO of EuroDry commented:
“We are very pleased to have taken delivery of M/V Maria, the second of the two vessels of our joint venture with NRP Investors. We look forward to continuing pursuing accretive transactions and ways to finance our growth creating value for our shareholders.”

Fleet Profile:

The EuroDry Ltd. fleet profile is as follows:

Name TypeDwtYear BuiltEmployment(*)TCE Rate ($/day)
Dry Bulk Vessels     
EKATERINIKamsarmax82,0002018TC until Mar-25Hire 105.5% of the Average Baltic Kamsarmax P5TC index (**)
XENIAKamsarmax82,0002016TC until Mar-24Hire 105.5% of the Average Baltic Kamsarmax P5TC index(**)
ALEXANDROS P.Ultramax63,5002017TC until Dec-23$27,000
CHRISTOS K***Ultramax63,1972015TC until Nov-23$9,600
YANNIS PITTASUltramax63,1772014TC until Dec-23$12,500
MARIA***Ultramax63,1532015TC until Nov-23$10,500
GOOD HEARTUltramax62,9962014TC until Nov-23$11,900
MOLYVOS LUCKSupramax57,9242014TC until Nov-23$14,000
EIRINI PPanamax76,4662004TC until Nov-23$11,000
SANTA CRUZPanamax76,4402005TC until Dec-23$13,000
STARLIGHTPanamax75,8452004TC until Nov-23$15,250
TASOSPanamax75,1002000TC until Nov-23$8,000
BLESSED LUCKPanamax76,7042004TC until Jan-24$15,800
Total Dry Bulk Vessels13

(*)Represents the earliest redelivery date
(**)The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(***)Vessel is 61% owned by EuroDry Ltd.

About EuroDry Ltd.

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. 

EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

The Company would have a fleet of 13 vessels, including 2 Kamsarmax drybulk, 5 Panamax drybulk carriers, 5 Ultramax drybulk carrier, carriers and 1 Supramax drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 dwt.

Forward Looking Statement
This press release contains forward-looking statements (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) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

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Company Contact
Tasos Aslidis
Chief Financial Officer
EuroDry Ltd.
11 Canterbury Lane,
Watchung, NJ07069
Tel. (908) 301-9091
Investor Relations / Financial Media
Nicolas Bornozis
Markella Kara
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, NY10169
Tel. (212) 661-7566