Sunday, March 26, 2023
HomeDry CargoEuroDry Announces Agreement to Sell 2000-built Panamax Bulk Carrier

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

EuroDry Announces Agreement to Sell 2000-built Panamax Bulk Carrier

EuroDry, an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced that it has signed an agreement to sell M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately $9.7 million. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by mid-October 2022.

Aristides Pittas, Chairman and CEO of EuroDry commented: “Today, we are announcing our agreement to sell our M/V Pantelis, one of the eldest Panamax-size bulkers of our fleet. This sale is part of our effort to focus on more modern, eco-built, fuel-efficient vessels and is consistent with our overall ESG strategy. 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.”

Related Posts

Video

Finance & Economy
Shipping News
Ports

Eva Birgitte Bisgaard steps down as chief commercial officer at Maersk Tankers

Eva Birgitte Bisgaard is stepping down from her role as chief commercial officer at Maersk Tankers. Christian M. Ingerslev, chief executive officer of Maersk Tankers,...

Frontline’s Fredriksen appointed to Euronav supervisory board

Belgium’s Euronav said its shareholders had overwhelmingly voted to elect John Fredriksen of peer Frontline, a major investor that pulled out of a merger...

UBS Likely to Shrink Credit Suisse’s $10 Billion Shipping Portfolio – Report

UBS Group AG will likely shrink Credit Suisse Group’s $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday,...

Braemar: Record revenue & profitability

Braemar Plc., a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, announced an update on trading...

Oldendorff Carriers announces change of leadership

Effective today, the board of OLDENDORFF CARRIERS has appointed Patrick Hutchins as the new President and CEO of the company. Patrick succeeds Peter Twiss, who...

Global Goods Trade Softening from 2022’s Record Level

International commerce soared to a record of $32 trillion in 2022, but goods trade...

New Hybrid Ferry ‘P&O Pioneer’ Docks At DP World Limassol For Bunkering

P&O Ferries’ newly commissioned Fusion Class vessel ‘P&O Pioneer’ has docked at DP World...

Baltic index gains as capesize rates rebound

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Minerva puts cost of fuel theft as high as $5.2 bil/year

The bunkering industry is losing as much $5.2 billion of fuel annually to quantity...

Baltic index logs worst day in five weeks on tepid demand for larger vessels

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Drewry: Port Throughput Index Down 4.5% Year-on-Year

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of...

Port of Los Angeles moves 487,846 container units in February

The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record. “February declines were...

Piraeus Port Authority: Strong growth in 2022

PPA S.A. announced Full Year 2022 financial results, marking a consecutive year of growth with a turnover of €194.6 million compared to €154.2 million...

WLP welcomes 14 strategic Vietnamese partners to its growing network of international traders

World Logistics Passport (WLP), a Dubai-led global initiative designed to smooth the flow of world trade, has welcomed 14 Vietnamese partners to its global...

Port of Hedland February Iron Ore Exports 2% Down

Pilbara Ports Authority has delivered a total monthly throughput of 54.8 million tonnes (Mt) for February 2023. This throughput was a five per cent increase...