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EuroDry Ltd. Announces Agreement to Sell M/V Tasos, a 2000-built Panamax Bulk Carrier
EDRYEuroDry .(EDRY) GlobeNewswire·2025-02-05 14:25

Core Viewpoint - EuroDry Ltd. has announced the sale of its oldest Panamax-size bulker, M/V Tasos, for approximately 5million,whichisexpectedtoenhancethecompany′sliquidityandallowforfutureinvestmentopportunities[1][2].CompanyOverview−EuroDryLtd.operatesinthedrycargoanddrybulkshippingmarket,managingafleetofvesselsforseabornetransportationofdrybulkcargoes[7].−ThecompanywasformedonJanuary8,2018,andtradesontheNASDAQunderthetickerEDRY[6].FleetProfile−AfterthesaleofM/VTasos,EuroDry′sfleetconsistsof12vesselswithatotalcargocapacityof843,402dwt,including2Kamsarmax,4Panamax,5Ultramax,and1Supramaxdrybulkcarriers[3][8].−ThecompanyhastwoUltramaxvesselsunderconstruction,whichwillincreasethefleetcapacitytoapproximately970,402dwtupondelivery[8].FinancialImpact−ThesaleofM/VTasosisexpectedtogenerateagainofapproximately5 million, which is expected to enhance the company's liquidity and allow for future investment opportunities [1][2]. Company Overview - EuroDry Ltd. operates in the dry cargo and drybulk shipping market, managing a fleet of vessels for seaborne transportation of drybulk cargoes [7]. - The company was formed on January 8, 2018, and trades on the NASDAQ under the ticker EDRY [6]. Fleet Profile - After the sale of M/V Tasos, EuroDry's fleet consists of 12 vessels with a total cargo capacity of 843,402 dwt, including 2 Kamsarmax, 4 Panamax, 5 Ultramax, and 1 Supramax drybulk carriers [3][8]. - The company has two Ultramax vessels under construction, which will increase the fleet capacity to approximately 970,402 dwt upon delivery [8]. Financial Impact - The sale of M/V Tasos is expected to generate a gain of approximately 2.1 million, equating to about $0.75 per share, thereby improving the company's near-term liquidity [2].